California Investors recently advertised the following claim: Invest your money with us at 21%, compounded annually, and we guarantee to double your money sooner than you imagine. Ignoring taxes, how long would it take to double your money at a nominal rate of 21%, compounded annually? Round off to the nearest year. Answer Approximately two years Approximately four years Approximately six years Approximately eight years

Answer rating: 100% (QA)

Lets assume we deposit an amount of 1000 at compound rate at the end of 1 ... View the full answer