If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money? Round your answer to two decimal places.
Added by Elizabeth W.
Step 1
First, we need to understand that the formula to calculate the future value of an investment using simple interest is FV = P(1 + rt), where: - FV is the future value of the investment - P is the principal amount (the initial amount of money) - r is the annual Show more…
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