Question

how long would a sum of the money take to double itself if allowed to accumulate at 4 1/2% compound interest payable yearly ​

Answer 1

Answer:

If an investment scheme promises an 8% annual compounded rate of return, it will take approximately (72 / 8) = 9 years to double the invested money. Note that a compound annual return of 8% is plugged into this equation as 8, and not 0.08, giving a result of nine years (and not 900)