SOLUTION: Your banker tells you that your (one time) investment will double every 12 years. You figure that the effective annual interest rate is _____

SOLUTION: Your banker tells you that your (one time) investment will double every 12 years. You figure that the effective annual interest rate is ______ percent. The effective annual interes

Question 313515: Your banker tells you that your (one time) investment will double every 12 years. You figure that the effective annual interest rate is ______ percent. The effective annual interest rate is the profit you obtain at the end of each of year, figured as a percentage. Of course you realize that each year you receive interest also for the interest earned in the preceding years.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
6%
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