Multiple Choice
Solve the problem.
-Assume that a savings account earns interest at the rate of 2% compounded monthly. If this account contains $1000 now, how many months will it take for this amount to double if no withdrawals are made?
A) 417 months
B) 12 months
C) 450 months
D) 408 months
Correct Answer:
Verified
Correct Answer:
Verified
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