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Ahmed deposit money today in account that pays 6
Ahmed deposit money today in account that pays 6.5% annual interest, how long will it
take to double his money?
Expert Solution
We can calculate the number of years by using the following formula in excel:-
=nper(rate,pmt,-pv,fv)
Here,
Nper = Number of years
Rate = 6.5%
Pmt = 0
PV = $100
FV = $100*2 = $200
Substituting the values in formula:-
= nper(6.5%,0,-100,200)
= 11.01 years
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