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Assume that today is your 31 th birthday and you just deposit your grandmother ...

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Assume that today is your 31thbirthday and you just deposit your grandmother birthday check in your bank. Consider that your bank offers you a constant annual effective interest rate of 11,91% on its deposits. How old will you be when the initial deposit doubles its value (i.e., if you deposit initially €2 how old will you be when the value in your bank account reaches €4)?

 

Note: if the answer is 16.2 or 16.7 you should just report 16.

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