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Question 28 5 pts The compound interest formula states that if P dollars are invested at an annual interest rate of r , compounded n
Question 28 5 pts The compound interest formula states that if P dollars are invested at an annual interest rate of r , compounded n times per year, then A , the amount of money present after & years, is given by A = P(1 + " )". Using that formula, determine how long it will take for $12,500 to double if it is invested at 7.2% compounded quarterly. Round your answer to two decimal places
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