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29 February, 23:01

If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?

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  1. 1 March, 00:51
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    We are asked in the problem to determine the number of years it takes to double the principal investment if the interest rate is 6.5%. the formula to be followed is F = P * (1+i) ^n where F is the future value. Substituting the given, 2P = P * (1+0.065) ^n. Using a calculator, we can find n or the number of years.
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