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Question
A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent, compounded annually, and we guarantee to double your money sooner than you imagine." Ignoring taxes, how long would it take to double your money at a simple rate of 14 percent, compounded annually?
a. Approximately 3.5 years
b. Approximately 5 years
c. Exactly 7 years
d. Approximately 10 years
e. Exactly 14 years
Answer
This answer is hidden. It contains 426 characters.
Related questions
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