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How long would take to double your money at a simple rate

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Question 1: A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent, 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 simple rate of 14 percent, compounded annually?

Option a) Approximately 3.5 years

Option b) Approximately 5 years

Option c) Exactly 7 years

Option d) Approximately 10 years

Option e) Exactly 14 years

Reference no: EM132488543

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