If you earn 7.50% per year on your bank account, how long will it take an account with $100 to double to $200? Use the log formula.

If you earn 7.50% per year on your bank account, how long will it take an account with $100 to double to $200? Use the log formula. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Number of years

9.58

Explanation:

Solve the following for t: 1.075t = 2t = 9.58 years

On a financial calculator, enter PV = (−)1, FV = 2, PMT = 0, i = 7.5 and then compute n.