How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

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 given 5% per year interest, F=2P then i=5.

Solving for n:

2P=P (1+0.05) ^n

2 = (1.05) ^n

log (base 1.05) 2=n

n=14.206=14.21 years