Exam 3: The Time Value of Money Part 1

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You can invest your money at a rate of 7% per year.At this rate it will take you just over ________ years to double your money.Use the Rule of 72 to determine your answer.

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Average U.S.wages in 1990 were $28,960,far larger than the average wage in 1930 of $1,970.What was the average annual increase in wages over this 60-year period?

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