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
We use the compound interest formula
Amount = Principal (1+rate)^n
Here Amount is the future value = 200
Principal = Current amount = 100
rate = interest ...
The solution explains how to calculate the time taken for an amount to double.