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How long will it take for the balance in the first account

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Reference no: EM132033802

Two accounts are opened at the same time. You deposit 1350 dollars into the first account, which earns interest at an effective rate of 5.5 percent.

At the same time, you deposit 280 dollars into the second account, which earns an effective rate of 12.3 percent.

How long will it take for the balance in the first account to be exactly twice the balance in the second account? (Assume compound interest at all times.)

Reference no: EM132033802

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