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How many years does it take for a deposit of $1000 to reach $2950 with an annual effective interest rate of 13%? Redo Problem #1

How many years does it take for a deposit of $1000 to reach $2950 with an annual effective interest rate of 13%?

Redo Problem #1 above, compounding for each complete year, but using simple interest for any remaining fraction of a year at the end. (This is what is actually done in practice.)

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