You deposit $1,000 in an account that pays 8% interest, compounded annually. How long will it take to double your money?
Now I already know the answer is 9 years by using the rule of 72 however I am trying to find a formula in excel that proves this answer to be correct and I am coming up with nothing. I need help with the formula in excel for this.
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I would suggest using the NPER Function in Excel for this. The format is:
=NPER(RATE, PMT, PV, FV, [TYPE]), where
NPER = Number of compounding ...
This solution discusses how to use Excel to find out how long it would take to double one's investment.