Question

Jordan wants to know how long it will take for the money she deposited to double. she has an interest rate of 4 percent. calculate how long it will take her money to double. four years sixteen years eighteen years eighteen months

Answer 1

18 months would be the answer.

Answer 2

2=1.04^t

t=ln2/(ln1.04)

t=17.673 (approx)

so t=18 (although you will have slightly more than double)