What annual rate has been earned

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You have $1,000 to invest for five years

a. How much additional interest will you earn if the investment provides a 5% annual return when compared to a 4.5% annual return?

b. How long will it take your $1,000 to double in value if it earns 5% annually?

c. What annual rate has been earned if $1,000 grows into $4,000 in 20 years?

Reference no: EM132502682

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