Ask Question
1 October, 00:10

If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?

+1
Answers (1)
  1. 1 October, 00:38
    0
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers