# SOLUTION: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years

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 Click here to see ALL problems on Money Word Problems Question 466015: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five yearsFound 2 solutions by ewatrrr, Alan3354:Answer by ewatrrr(10682)   (Show Source): You can put this solution on YOUR website! ``` Hi, A= p(1+r) ^t 2 = (1+r)^5 1.1487 = 1 + r .1487 = r 14.87% interest rate...money will double in 5 years ```Answer by Alan3354(30993)   (Show Source): You can put this solution on YOUR website!At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years ----------- r = interest rate r =~ 0.1486 = 14.86% per year