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Victor borrows $1,000 from A-Bank at a yearly interest rate of 7%, compounded quarterly. The next day, Victor is in a car accident and falls into a coma. How many months must pass for Victor’s debt to the bank to double? What would the answer be if he had gone to B-Bank, which has a 5% yearly interest, compounded monthly?

Victor borrows $1,000 from A-Bank at a yearly interest rate of 7%, compounded quarterly. The next day, Victor is in a car accident and falls into a coma. How many months must pass for Victor’s debt to the bank to double? What would the answer be if he had gone to B-Bank, which has a 5% yearly interest, compounded monthly?

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