In how many years will your savings double

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Reference no: EM131962293

Suppose you deposit $10,000 in a savings account that earns an interest of 10.41% per year. In how many years will your savings double (round to nearest whole number)? Note: use the formula for FV and note that here you have a future value ($20,000), a current amount ($10,000), an interest rate (10.41%), but you are missing the number of periods n. Use algebra to solve for it.

Now suppose the interest rate is only 2.0% per year. In how many years will your savings double?

Reference no: EM131962293

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