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Find the interest rate needed for an investment of 8000 to

1. How long will it take an investment of $2000 to double if the investment earns interest at the rate of 9%/year compounded monthly? (Round your answer to one decimal place.)

2. Find the interest rate needed for an investment of $8,000 to grow to an amount of $8,800 in 8 months if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)

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