Compound Interest. New Savings Bank pays 4 percent interest on its deposits. If you deposit $1,000 in the bank and leave it there, will it take more or less than 25 years for your money to double? You should be able to answer this without a calculator or interest rate tables.© BrainMass Inc. brainmass.com June 3, 2020, 8:58 pm ad1c9bdddf
The solution explains how to calculate the time taken for an amount to double.