What monthly compounding nominal interest rate is earned on an investment that doubles in 10 years?

Question

asked Jun 27, 2021 165k views

1 Answer

Jon Heller · Answer 1 · 2021-07-04T07:20:54+0000

Answer:

Roughly 6.95%

Explanation:

Start with $1000

$1000 with an interest rate of 6.95% compounded monthly over 10 years = $1999.70

(APY= 7.175%)