How long does it take your deposit to triple

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Reference no: EM13294470

If your bank pays you 3% interest rate annually on your deposit, how long does it take your deposit to triple?

Question options:

a) Shorter than 15 years


b) Longer than 15 years, but less than 30 years


c) Longer than 30 years, but less than 40 years


d) Longer than 40 years

 

Reference no: EM13294470

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