At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years?

For a single payment with compound interest, the equation to use is F=P (1+i) ^n where F is the value after n periods, P is the present value, and i is the interest rate.

If we want the final value F to double in 5 years, F is then equal to P then n=5. The equation is now:

2P=P (1+i) ^5

2 = (1+i) ^5

i=14.87% per year