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If an investment has a 5% annual interest rate and it is compounded monthly, how many years will it take to double in value?

If an investment has a 5% annual interest rate and it is compounded monthly, how many years will it take to double in value?
asked 110k views
15 votes
If an investment has a 5% annual interest rate and it is compounded

monthly, how many years will it take to double in value?

asked
User MarkAlanFrank
by
8.3k points

1 Answer

5 votes

Answer:

2 years

Explanation:

If it is annunal I think it would be 2 years

5 x annual year (year) =2

answered
User Benosteen
by
8.0k points
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