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    How Long to Double Your Money?

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    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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    Solution Preview

    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 ...

    Solution Summary

    This solution discusses how to use Excel to find out how long it would take to double one's investment.