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April 28, 2015

Homework Help: Precalc growth and decay

Posted by Kerrie on Sunday, April 19, 2009 at 5:20pm.

Alison deposits $500 into a new savings account that earns 5 percent interest compounded annually. If Alison makes no additional deposits or withdrawals, how many years will it take for the amount in the account to double?

the answer is 15 but i think its 14. please explain.

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