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20 October, 12:32

What monthly compounding nominal interest rate is earned on an investment that doubles in 10 years?

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  1. 20 October, 12:48
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    Roughly 6.95%

    Step-by-step explanation:

    Start with $1000

    $1000 with an interest rate of 6.95% compounded monthly over 10 years = $1999.70

    (APY = 7.175%)
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