In this chapter, we learned about the two different types of interest: Simple Interest and Compound Interest

You saw that with compound interest, it does grow a bit faster. We're going to look at something called doubling time.

Solve the following problems, and then record a video explaining how you got your solutions.

Suppose I invest $$1000$ at $2\mathrm{.}4\%$ simple interest once per year.

Determine how many years it would take $($approximately$)$ to double your money $($ending with $$2000)$

Then, suppose I invest $$1000$ at $2\mathrm{.}4\%$ interest compounded monthly.

Determine how many years it would take $($approximately$)$ to double your money $($ending with $$2000)$