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.

Question

asked Feb 4, 2021 121k views

1 Answer

Jayden Meyer · Answer 1 · 2021-02-08T04:22:39+0000

Answer: 9 years

Step-by-step 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