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Massy Store makes a $10,500 investment at Republic Bank Ltd on January 1, 2019. At the end of December 31, 2023, Massy Store is expected
Massy Store makes a $10,500 investment at Republic Bank Ltd on January 1, 2019. At the end of December 31, 2023, Massy Store is expected to accumulate an amount of $17166.25? i. Calculate the interest rate needed to procure this investment? ii. How long will it take for the initial amount invested to be doubled, given that interest is compounded annually at the rate in (i) above?
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