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If a sum of money is invested at a compound interest rate of 5% per annum, how l
Practice Questions
Q1
If a sum of money is invested at a compound interest rate of 5% per annum, how long will it take for the investment to double?
14.4 years
15 years
10 years
12 years
Questions & Step-by-Step Solutions
If a sum of money is invested at a compound interest rate of 5% per annum, how long will it take for the investment to double?
Steps
Concepts
Compound Interest
– Understanding how compound interest works and how it affects the growth of an investment over time.
Rule of 72
– A simplified formula used to estimate the number of years required to double an investment at a fixed annual rate of return.
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