Ask Question
15 April, 22:33

If you deposit money today in an account that pays 8.25% annual interest, how long will it take to double your money? Round to the nearest year.

+4
Answers (1)
  1. 16 April, 00:51
    0
    Answer: 9 years

    Explanation:

    Lets say you deposited $100, in which year 100 will 200

    100 * (1.0825) ^x=200

    X=LOG (1.0825) (2)

    X=8.79

    Therefore, it will take about 9 years to double your money
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If you deposit money today in an account that pays 8.25% annual interest, how long will it take to double your money? Round to the nearest ...” 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