How long does it take for your money to double when invested at the rate of 3% (with annual compounding)?
A) Depends on how much money you start with.
B) 26 years
C) 23 years
D) 25 years
E) 24 years

Name: How long does it take for your money to double when invested at the rate of 3% (with annual compounding)? A) Depends on how much money you start with. B) 26 years C) 23 years D) 25 years E) 24 years
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Question

Quizplus · Accepted Answer

Using a financial calculator:
I/Y = 3%, PV = -1, PMT = 0, FV = 2, cpt N = 23.45 or 24 years

How Long Does It Take for Your Money to Double