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How long to double your money?
smith4938
Feb 28, 2007, 07:55 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, 08:10 AM
Set up equation:
c*1.065^n=2c
where c is constant
and n is the number of whatever time your 6.5 percent is over (probably years)
solve for n to get your answer.
Let me know if you need further help :)