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Assignment 1 Course: Engineering Economy Q3: [4 marks] 1. At a simple interest rate of 12% per year, determine how long it will take $5000

Assignment 1 Course: Engineering Economy Q3: [4 marks] 1. At a simple interest rate of 12% per year, determine how long it will take $5000 to increase to twice as much. 2. Compare the time it will take to double if the rate is 20% per year simple interest

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