jasquinn3842 jasquinn3842
  • 04-07-2017
  • Business
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If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?

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meerkat18
meerkat18 meerkat18
  • 16-07-2017
we are asked in the problem to determine the number of years it takes to double the principal investment if the interest rate is 6.5%. the formula to be followed is F = P*(1+i)^n where F is the future value. Substituting the given, 2P = P *(1+0.065)^n. Using a calculator, we can find n or the number of years.
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