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Solve the Problem 6%6 \% Interest, Compounded Monthly

Question 105

Multiple Choice

Solve the problem.
-You have money in an account at 6%6 \% interest, compounded monthly. To the nearest year, how long will it take for your money to double?


A) 16 years
B) 7 years
C) 12 years
D) 9 years

Correct Answer:

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