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If, after depositing $1,000 into a bank today, you discover that your balance is $2,000 ten years from today (at the end of year 10).
If, after depositing $1,000 into a bank today, you discover that your balance is $2,000 ten years from today (at the end of year 10). What is your annual effective rate of interest, reff, over this 10-year period?
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