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*Handwritten Solution preferred* An account paying annual compound interest was opened with $1,000 ten years ago. Today, the account balance is $1,500. a) What annual

*Handwritten Solution preferred*

An account paying annual compound interest was opened with $1,000 ten years ago. Today, the account balance is $1,500.

a) What annual interest rate did the account pay?

b) How many years will it take to double the money you currently have? Assume you

continue to earn the same interest rate you did over the last ten years

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