You deposit 3000 in a savings account that earns 8 simple, Business Economics

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You deposit 3000 in a savings account that earns 8 simple

You deposit $3,000 in a savings account that earns 8% simple interest per year. How many years will it take to double your balance? If, instead, you deposit the $3,000 in another savings account that earns 7% interest compounded yearly, how many years will it take to double your balance?

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