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Q. How long will it take (in years and months) for an investment to double if it earns 7.5% compounded monthly?
What you'll need:
Compound Interest: (A=P(1+r/n)^nt )
Where:
A=amount or future amount after t years
P=principal (amount invested)
r=interest rate per year (convert as a decimal)
n=number of compounding periods per year
t=number of years
