Business, 02.02.2021 06:00, lee1677

In 1963, an investor opened a savings account with $LaTeX: \text{K} K earning simple interest at annual rate of LaTeX: 2.5\% 2.5 % . Four years later, the investor closed the account and invested the accumulated amount in a savings account earning LaTeX: 5\% 5 % compound interest. Determine the number of years (since 1963) necessary for the balance to reach $LaTeX: 3K 3 K .

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In 1963, an investor opened a savings account with $LaTeX: \text{K} K earning simple interest at ann...