What monthly compounding nominal interest rate is earned on an investment that doubles in 10 years?

asked Jun 27, 2021 165k views

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4 votes

Answer:

Roughly 6.95%

Explanation:

Start with $1000

$1000 with an interest rate of 6.95% compounded monthly over 10 years = $1999.70

(APY= 7.175%)

Jon Heller answered Jul 4, 2021

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