Question

1. At 5.3 percent interest, how long does it take to double your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
2. At 5.3 percent interest, how long does it take to quadruple your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

a. Length of time ___ years
b. Length of time ____ years

Answer 1

Answer:

a. Length of time 13.42 years

b. Length of time 26.84 years

Explanation:

a) Time to double the money:

=NPER(5.3%,0,-100,200)

=13.42 years

b) Time to quadruple the money:

=NPER(5.3%,0,-100,400)

=26.84