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How long would it take 100 to double 5 percent?
As a rough guide to double any amount compounded annually, divide 70 by the interest rate. In this case that is 14 years.
In how many years your amount will be double if rate of interest is 10 percent annually in compound interest?
Approximately 7 years. The general rule is to divide 70 by the interest rate to get an approximation of how long it will take to double. If the interest is compounded annual you will have $194.88 after 7 years, and $214.37 after 8 years. Though if interest is compounded more regularly (ie. monthly or daily) this will grow at a slightly faster rate.
Jon deposits 1000 in an account that pays 8 percent interest compounded annually How long will it take to double your money?
1). My money will never double. Let's talk about Jon's money instead. 2). It doesn't matter how much he deposits into the account. The time required for it to double is the same in any case. 3). At 8% interest compounded annually, the money is very very very nearly ... but not quite ... doubled at the end of 9 years. At the end of the 9th year, the original 1,000 has grown to 1,999.0046. If the same rate of growth were operating continuously, then technically, it would take another 2days 8hours 38minutes to hit 2,000. But it's not growing continuously; interest is only being paid once a year. So if Jon insists on waiting for literally double or better, then he has to wait until the end of the 10th year, and he'll collect 2,158.92 .
How long will it take for an amount of money invested at an annual rate of 5.75 percent compounded continuously to triple in value?
y = ln(3)/ln(1.0575) = 19.65 years, approx.
How long will it take for 750 to DOUBLE at 8 percent compound?
Nine years at 8%
