Question

If a sum of money

doubles itself in 6 years, it becomes 5

times in how many years? ​

Answer 1

Answer:

Step-by-step explanation:

Alright. Let’s take an example.

Assume you have $100 to begin with today (Year 0).

Also assumed: You don’t withdraw any money and you keep the yearly returns in the same account.

Now in order to double your money by the end of Year 6, you will need to have an interest rate/growth rate/rate of return (whatever you want to call it) of at least 12.25% per annum (or 12.2462061689041% for those looking for the exact rate).

Using this 12.25% rate, you can see that to turn your $100 into $500, it takes 14 years. Hope this answers your question

 

Answer 2

15 years ....……….........,