How long to double your money?

smith4938 · #1 Feb 28, 2007, 06:55 AM

If you deposit money today into an account that pays 6.5 percent interest, how long will it take for you to double your money?

Capuchin · Feb 28, 2007, 07:10 AM

Set up equation:

$c*1.065^n=2c$

where c is constant
and n is the number of whatever time period your 6.5 percent is over (probably years)

solve for n to get your answer.

Let me know if you need further help



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