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Originally, John planned to invest $10000 into GIC at the interest rate of 2.25% compounded quarterly. His target is to wait until it reaches $20000
Originally, John planned to invest $10000 into GIC at the interest rate of 2.25% compounded quarterly. His target is to wait until it reaches $20000 then withdraw and enjoy the money. Bank of Canada increases the interest rate rapidly because of the high inflation so now the interest rate of GIC is 5.2%, compounded daily. How many years sooner will John reach his goal?
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