Explore BrainMass

Explore BrainMass

    Time to double

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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

    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.