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31 December, 01:55

You invest $180 in a mutual fund today that pays 6.80 percent interest annually. How long will it take to double your money? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to 0 decimal place, e. g. 545)

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  1. 31 December, 05:44
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    It will take 10 years and 197 days.

    Explanation:

    Giving the following information:

    You invest $180 in a mutual fund today that pays 6.80 percent interest annually.

    To calculate the time required to double the money, we need to use the following formula:

    n=[ln (FV/PV) ]/ln (1+r)

    n = [ln (360/180) ] / ln (1.068)

    n = 10.54

    To be more accurate:

    0.54*365 = 197

    It will take 10 years and 197 days.
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