The same amount of time it takes any amount of money to double at 5% compounded monthly.
Where represents the Future Value, represents the Present Value, is the annual interest rate expressed as a decimal, is the number of compounding periods in one year, and is the number of years.
You double your money when , hence you need to solve for where:
Do the arithmetic:
Take the log of both sides (any base, doesn't matter)
The rest is calculator work. Enjoy.
John
My calculator said it, I believe it, that settles it
