Question: Below is an example of a problem in which the information you need is implied, but not directly stated. If you will have double your

Below is an example of a problem in which the information you need is implied, but not directly stated. If you will have "double your money", how much more money will you have in the future. Well if you have a $1 today you will have $2 in the future or $7 today is $14 in the future, it doesn't matter what values we choose because the solution to the number of periods or interest rate would be the same.

You are currently investing your money in an investment that has a nominal annual rate of 16 percent. How many years will it take for you to double your money?

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