If you deposit money today in an account that pays 13.5% annual interest, how long will...

If you deposit money today in an account that pays 13.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.

Expert Solution

t = ln(FV / PV) / ln(1 + r)

t = ln($2 / $1) / ln 1.135

t = 5.47 years

jeff jeffy answered 2 years ago

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