How Long Will It Take an Investment of $5,000 to Double

question 126

Short Answer

How long will it take an investment of $5,000 to double if the investment earns interest at the rate of 8% / year compounded monthly? Round your answer to the nearest tenth.
__________ year(s)

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Definitions:

Long-Term Liabilities

Debts or obligations that are due more than one year in the future.