leenzazou7897 leenzazou7897

13-02-2020
Business

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If you deposit money today in an account that pays 8.25% annual interest, how long will it take to double your money? Round to the nearest year.

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muhammadsajee muhammadsajee

13-02-2020

Answer: 9 years

Explanation:

Lets say you deposited $100, in which year 100 will 200

100×(1.0825)^x=200

X=LOG(1.0825)(2)

X=8.79

Therefore, it will take about 9 years to double your money

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