How many years will it take me to double my savings if it grows 10% every year

Question

asked Oct 16, 2024 42.9k views

1 Answer

Phil Willoughby · Answer 1 · 2024-10-22T09:15:58+0000

Answer:

7.3 years

Explanation:

Assume you have $D and you want to find long it will take you to have $2D at a 10% interest rate compounded yearly.

D
(1.1)^(x) =2D

(1.1)^(x) =2

x=
log_(1.1) 2

x=7.27...

It will take about 7.3 years (8 rounded up).