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At 7.5 percent interest, how long does it take to double your money?
At 7.5 percent interest, how long does it take to quadruple it?
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Answer:
| 1 | At 7.5 %interest to get double money, the | |
| compunidng factor will be 2. | ||
| from FVIF table, the time for compounidng factor | ||
| 2 @7.5% interest rate is 9.6 years approx. | ||
| So the answer is 9.6 years. | ||
| 2 | At 7.5 %interest to get qualdruple money, the | |
| compunidng factor will be 4. | ||
| from FVIF table, the time for compounidng factor | ||
| 4 @7.5% interest rate is 19.17 years approx. | ||
| So the answer is 19.17 years. | ||
