Interest rate is critical to the speed at which your investment grows. If $1 is invested at 2%, it takes approximately 34.9 years to double. If $1 is invested at 5%, it takes approximately 14.2 years to double. How many years does it take $1 to double if invested at 10% and 12%? At what interest rate would you need to invest to have your money double in 10 years?© BrainMass Inc. brainmass.com June 3, 2020, 11:06 pm ad1c9bdddf
The Equation to use is F=P(1+i)^t where P is the present worth of you investment, F is the Future worth, i is interest rate(decimal) and t is the years of the investment.
a) How many years does it take $1 to double if invested at 10% ?
In this case interest ...
Compound Interest, Future Value and Present Value are exemplified.