Question

Becky's brother has an investment account that he says earns an

average of 13% each year. If this is the case, approximately how long
will it take him to double his money?

Answer 1

• Approximately 8 years

Explanation:

We are looking for 100% interest amount.

Since the yearly interest rate is 13%, time required to double the amount is:

• 100/13 = 7.69 or nearly 8 years