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    Time to double

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    Growth of Funds. If you earn 8 percent per year on your bank account, how long will it take an account with $100 to double to $200?

    © BrainMass Inc. brainmass.com June 3, 2020, 8:58 pm ad1c9bdddf
    https://brainmass.com/business/accounting/time-to-double-160768

    Solution Preview

    We use the compound interest formula
    Amount = Principal (1+rate)^n
    Here Amount is the future value = 200
    Principal = Current amount = 100
    rate = interest ...

    Solution Summary

    The solution explains how to calculate the time taken for an amount to double.

    $2.19

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