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Serena starts a job with a salary of $50,000 plus a guaranteed raise of 2% every year. As her salary grows, 2% growth rate leads

Serena starts a job with a salary of $50,000 plus a guaranteed raise of 2% every year. As her salary grows, 2% growth rate leads to larger and larger dollar increases. Because of this ________ effect, it will take only 35 years for Serena's salary to double.

income

production

interest rate

compounding

economic growth

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