How long will it take for a sum of money, invested at 5% compounded annually, to double in value?

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How long will it take for a sum of money, invested at 5% compounded annually, to double in value?

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    2021-09-14T22:49:38+00:00

    Using the compound interest formula, where n=number of years,
    2x=x(1+0.05)^n
    (1.05)^n=2
    => 
    n=log(2)/log(1.05)=14.21 years

    Note: This problem can also be solved in the head using the rule of 72.
    Since the amount is doubled at an interest rate of 5%, the time needed is 72/5=14 years, approximately.

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