At 3% annual interest compounded monthly, how long will it take to double yourmoney?
Question
At 3% annual interest compounded monthly, how long will it take to double yourmoney?
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Solution 1
To solve this problem, we can use the formula for compound interest which is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the numb Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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