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Four years later the investor closed the account and

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In 1963, an investor opened a savings account with $K earning simple interest at an annual rate of 2.5%.

Four years later, the investor closed the account and invested the accumulated amount in a savings account earning 5% compound interest.

Determine the number of years (since 1963) necessary for the balance to reach $ 3K.

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Financial Management: Four years later the investor closed the account and

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Financial Management: Four years later the investor closed the account and

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