# SOLUTION: Help I'm lost. PLEASE! An annuity has a record of 9.58% annual growth compounded annually. How long will it take to double your money in this fund

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 Click here to see ALL problems on Probability-and-statistics Question 65025: Help I'm lost. PLEASE! An annuity has a record of 9.58% annual growth compounded annually. How long will it take to double your money in this fundAnswer by stanbon(57361)   (Show Source): You can put this solution on YOUR website!An annuity has a record of 9.58% annual growth compounded annually. How long will it take to double your money in this fund ------------- Formula: A=P(1+r/n)^(nt) A is the future value P is the money you start with r is the annual rate of interest n is the number of times you compound in a year t is the number of years you compound --------- In your problem you want the future value to be twice the start value: i.e. you want A=2P 2P=P(1+0.0958/1)^(1*t) 2=(1.0958)^t Take the log of both sides to get: log2 = t (log 1.0958) 0.30102999... = t(0.0397329...) t=7.58 years The money will double in 7.58 years Cheers, Stan H.