How Long Does It Take for Your Money to Double

question 61

Multiple Choice

How long does it take for your money to double when invested at the rate of 3% (with annual compounding) ?

• A) Depends on how much money you start with.
• B) 26 years
• C) 23 years
• D) 25 years
• E) 24 years

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Definitions:

Constant Debt

A situation where an individual, organization, or country continually carries a financial obligation without significant reduction over time.

President Andrew Johnson

17th President of the United States, who served from 1865 to 1869, known for his efforts to quickly restore the Southern states after the Civil War, which led to his impeachment.

Radical Republican

Members of the Republican Party in the 19th century United States who advocated for the complete eradication of slavery and equal rights for freed slaves.

Fourteenth Amendment

An amendment to the United States Constitution, ratified in 1868, that grants citizenship to all persons born or naturalized in the U.S., including formerly enslaved people, and provides all citizens with equal protection under the laws.