Rounded to the Nearest Month, How Long Will It Take

question 39

Short Answer

Rounded to the nearest month, how long will it take an investment to double if it earns:
a) 8.4% compounded annually?
b) 10.5% compounded semiannually?

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Definitions:

Magma

Magma is molten rock beneath the Earth's surface, which can form igneous rocks upon cooling.

Igneous Rocks

Rocks formed through the cooling and solidification of magma or lava.

Sedimentary Rock

A type of rock that forms from the accumulation and cementation of mineral and organic particles, often in layered deposits.

Magma

Molten rock located beneath the surface of the Earth, which can form intrusive or extrusive igneous rocks upon cooling.