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James invested $1,475 in an account paying 6.25%
compounded monthly. How long will it take for the
account to double?

Sagot :

LoreliGilmidn

Answer:

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

Step-by-step explanation:

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