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    kcupid1's Avatar
    kcupid1 Posts: 1, Reputation: 1
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    #1

    Feb 2, 2009, 04:30 PM
    How to calculate time for a lump sum to double
    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's Avatar
    Colin Pye Posts: 13, Reputation: 0
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    #2

    Feb 2, 2009, 04:57 PM

    Simple interest, compounded annually, 12 years.
    Compounding quarterly, monthly, or daily will reduce the time.
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