At 8.50 percent interest, how long does it take to double your money? (Enter rou

Question

At 8.50 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

At 8.50 percent interest, how long does it take to quadruple your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

At 8.50 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Explanation / Answer

double your money t = ln 2 / ln 1.085 =8.50 years quadruple your money? double your money t = ln 4 / ln 1.085 =16.99 years

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