10,000 is invested at 5.8% a year compounded continuously. How long would it take to double it?
11,193.64x.058= 649.23112 (but since it's money, round) 649.23
So your answer is 13 years.
For an APPROXIMATION, divide 72 by 5.8. That is the "rule of 72".
The Rule of 72. How long to double your principal at various interest rates? How long to double your money at various rates of return? How long for the government to cut your purchasing power in half at various rates of inflation?
For your question, the answer is 72/5.8 = 12.4 years, APPROXIMATELY.
At the bottom of that web page there is shown how to do EXACT calculations.
by Rosana Modugno4 years ago
If you had an extra $1,000, what would you do to make it grow?
by HarshitG5 years ago
Hey,As many would be aware of that stock market is one of better way to invest and reap benefits from . So what i want to know is do you guys really invest in Stock market or stick with Fixed deposits and bank interest...
by Don Bobbitt5 years ago
I have had a kidney transplant since 1996 and I feel that I am taking too many drugs.I had Wegener's and my transplant was a donation from my brother and he was a "perfect match". Over the years, I have...
by Ultimate Hubber7 years ago
Your favorite flower plants?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.