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Problem 1 Part A: What is the future worth an investment, before taxes, if $10,000 is placed in a savings account for 10 years, earning a nominal interest rate of 6%year compounded monthly? Part B: How many years will be required for the original principle amount to double in value? For Part B, assume biannual interest compounding is applied with the same nominal interest rate of 6%/year. Part C: What is the shortest time in years to double the original principle if continuous compounding interest is applied with a nominal interest rate of 6%year?

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