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Question

If you open a savings account that earns 7.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 7% interest compounded yearly. How many years will it take now to double your balance?

The minimum number of years you must wait to double your balance is _____ for the simple interest of 7.5%.

The minimum number of years you must wait to double your balance is _____ for the compounded interest of 7%.