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( Problem 6 . 2 ) Jack has deposited $ 1 , 0 0 0 into a savings account. He wants to withdraw it when

(

Problem

6.2)

Jack has deposited $

1, 000

into a savings account. He wants to withdraw

it when it has grown to $

2, 000 .

If the interest rate is

4 %

annual interest compounded

annually, how long will he have to wait?

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