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You currently have $7,400 invested in a taxable savings account with an APR of 5 percent. Each year, you have to pay 25 percent tax
You currently have $7,400 invested in a taxable savings account with an APR of 5 percent. Each year, you have to pay 25 percent tax on your interest earnings. If you leave the original investment in the account along with all the after-tax interest, how long will it take for you to have $20,900, rounding to the nearest year? (Hint: Use the rule of 72.)
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