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The formula t= In m can be used to find the number n In 1+ of years t required to multiply an investment m
The formula t= In m can be used to find the number n In 1+ of years t required to multiply an investment m times when r is the per annum interest rate compounded n times a year. (a) How many years will it take to double the value of an IRA that compounds quarterly at the rate of 10%? (b) How many years will it take to triple the value of a savings account that compounds monthly at an annual rate of 2%?
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