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How long would take to double money

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Reference no: EM132962827

Problem 1: Time for a sum to double. A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent, compounded semiannually, and we guarantee to double your money sooner than you imagine." How long would it take to double your money at 14 percent, semiannual compounding?

Option 1: 3.66 years

Option 2: 5.12 years

Option 3: 7 years

Option 4: 10.24 years

Option 5: 14 years

Reference no: EM132962827

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