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Time to double

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?

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.