1.6 Today you have P to invest in a security that pays an interest rate of r per year and compounds in k periods. Find the formula to determine how long it will take this investment to grow to xp? Does the length of time depend on the initial amount P? • How long will it take to double the investment of $1000 where r is 6% with daily compounding? How long will it using the simple interest rate when r is 6% ?

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