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Earn +20 ptsQ: What interest rate would double your money in 5 years?
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How long will it take to double your money at 8 percent interest rate and continuous compounding?
Nine years at 8%
What annual interest rate will cause your money to double in 4 years?
The "Rule of 72" gives a good approximation of 72/4=18%.
How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
How many years will it take for 4000 to double at a simple interest?
The same time that it will take for any other amount to double. However, for the actual calculations you need to know the interest rate.
How much would 300 invested at 7 interest compounded continuously be worth after 4 years Round your answer to the nearest cent. Do not include units in your answer.?
7% compound interest means that the amount of money increases, every year, by a factor of 1.07. After 4 years, you have 300 x 1.07^4.
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