Question

Find what time a sum of money double itself at 4.5% interest compounded annually?​

Answer 1

Answer:

For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years. If compounded yearly it will take approx 9 years, (9 years + few days). At simple interest, with interest saved, the amount will double in 12.5 years.