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Suppose You Deposit $1,000 in an Account with an Annual

Question 156

Multiple Choice

Suppose you deposit $1,000 in an account with an annual interest rate of 9% compounded quarterly. How many years will it take for the account to contain $3,000?


A) 3.19 years
B) 12.75 years
C) 49.37 years
D) 14.87 years
E) 12.34 years

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