On 1st January 2021, Nerys invests $ in an account that pays a nominal annual interest rate of 4.2%, compounded monthly.
The amount of money in Nerys’ account at the end of each year follows a geometric sequence with common ratio, .
Find the value of , giving your answer to four decimal places.
Nerys makes no further deposits to or withdrawals from the account.
Find the year in which the amount of money in Nerys’ account will become double the amount she invested.
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