If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your answer to two decimal places.

Answer 1

The NPER function in excel will give you 5.67 years. =NPER(0.13,0,-1,2)

This could also be thought of as the following algebraic equation: 2=1.13^x. Solving this algebraically would be a little painful though.