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NEW QUESTION: 1
A bank savings account offers a savings rate of 3.5% per year, compounded annually. How long would it take for an investment of $710 to grow to $1,000?
A. 9 years
B. 11 years
C. 10 years
D. 8 years
Answer: C
Explanation:
Explanation/Reference:
Explanation:
If it takes n years for the growth, then 1000 = 710*(1+3.5%)