An investment of $1,000 was made in a certain account and earned interest that was compounded annually. The annual interest rate was fixed for the duration of the investment, and after 12 years the $1,000 increased to $4,000 by earning interest. In how many years after the initial investment was made would the $1,000 have increased to $8,000 by earning interest at that rate
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Home » Mathematics » An investment of $1,000 was made in a certain account and earned interest that was compounded annually. The annual interest rate was fixed for the duration of the investment, and after 12 years the $1,000 increased to $4,000 by earning interest.