To the Nearest Month, How Long Will It Take an Investment

question 202

Short Answer

To the nearest month, how long will it take an investment to double in value if it earns 7.5% compounded semiannually?

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Definitions:

Means-tested

A determination of eligibility for government assistance based on the applicant's financial means or income.

Welfare Program

Governmental provision of economic assistance to individuals in need, aiming to support those facing poverty, providing benefits such as food stamps or healthcare support.

Minimum Income

The least amount of earnings necessary for an individual or family to meet their basic needs for living.

Means-tested

A determination of whether an individual or family is eligible for government assistance based on their income and assets.