How long would it take $1,000 to double if it were invested in a bank that pays 6 percent per year? How long would it take if the rate were 10 percent?
We sometimes need to know how long it will take to accumulate a given sum of money, given our beginning funds and the rate we will earn on those funds. For example, suppose we believe that we could retire comfortably if we had $1 million, and we want to find how long it will take […]