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13 September, 17:50

If you deposit money today in an account that pays 8.25% annual interest, how long will it take to double your money? Round to the nearest year.

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  1. 13 September, 17:58
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    Answer: 9 years

    Explanation:

    Lets say you deposited $100, in which year 100 will 200

    100 * (1.0825) ^x=200

    X=LOG (1.0825) (2)

    X=8.79

    Therefore, it will take about 9 years to double your money
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