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How to calculate time for a lump sum to double
kcupid1
Feb 2, 2009, 04:30 PM
If you deposit money today in an account that pays 6.5 percent annual interest, how long will it take to double your money?
Colin Pye
Feb 2, 2009, 04:57 PM
Simple interest, compounded annually, 12 years.
Compounding quarterly, monthly, or daily will reduce the time.