Question: David wants to know how long it will take an initial deposit of $10,000 to double. How long will it take to double if the

David wants to know how long it will take an initial deposit of $10,000 to double.

How long will it take to double if the annual interest rate on the deposit is 10%?

How long will it take to double if the annual interest rate on the deposit is 7%?

Please show steps and formuls used

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!