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    Important information about Time to double

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    Compound Interest. New Savings Bank pays 4 percent interest on its deposits. If you deposit $1,000 in the bank and leave it there, will it take more or less than 25 years for your money to double? You should be able to answer this without a calculator or interest rate tables.

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    Solution Summary

    The solution explains how to calculate the time taken for an amount to double.