Ask Question
11 January, 00:31

You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 6 percent interest. Approximately how long must you wait for your investment to double in value?

+2
Answers (1)
  1. 11 January, 02:06
    0
    12 years

    Explanation:

    The computation of the number of years is shown below:

    Future value = Present value * (1 + rate) ^number of years

    where,

    Present value = $100

    Rate of interest = 6%

    The future value = $200

    $200 = $100 * (1 + 0.06) ^number of years

    2 = (1 + 0.06) ^number of years

    So after solving this, the number of years is 12 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 6 percent interest. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers