SOLUTION: How many years would it take for your savings to double if you put $5000 in a savings account that pays an annual interest rate of 10 percent?

SOLUTION: How many years would it take for your savings to double if you put $5000 in a savings account that pays an annual interest rate of 10 percent?

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Question 551972: How many years would it take for your savings to double if you put $5000 in a savings account that pays an annual interest rate of 10 percent?
Answer by JBarnum(2146) (Show Source): You can put this solution on YOUR website!
1yr +500 =5500
2yr +550 =6050
3yr +605 =6655
4yr +665.5=7320.5
5yr +732.05=8052.55
6yr +805.25=8857.8
7yr +885.78=9743.58
8yr +974.36=10717.94
takes 8 yrs to get double
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