SOLUTION: If an amount of money is invested at an annual interest rate of 6% it doubles every 12 years. How long would it take an investment of $500.00 to reach $2000.00 with no further con

SOLUTION: If an amount of money is invested at an annual interest rate of 6% it doubles every 12 years. How long would it take an investment of $500.00 to reach $2000.00 with no further con

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Question 1137662: If an amount of money is invested at an annual interest rate of 6% it doubles every 12 years. How long would it take an investment of $500.00 to reach $2000.00 with no further contributions
Answer by greenestamps(13195) (Show Source): You can put this solution on YOUR website!

24 years.

It would double from $500 to $1000 in 12 years; then double again from $1000 to $2000 in another 12 years.
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