If you invest €1,000 in a savings account that pays 4 per cent every year, how long would it take you to triple your money? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Number of years

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.