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17 May, 09:35

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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  1. 17 May, 12:08
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    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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