In its first 10 years a mutual fund produced an average annual return of 19.72%. Assume that money invested in this fund continues to earn 19.72% compounded annually. How long will it take money invested in this fund to double? It will take approximately (Round up to the nearest year.) year(s) for the money invested in this fund to double.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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In its first 10 years a mutual fund produced an average annual return of 19.72%. Assume that money invested in this fund continues to earn
19.72% compounded annually. How long will it take money invested in this fund to double?
It will take approximately
(Round up to the nearest year.)
year(s) for the money invested in this fund to double.
Transcribed Image Text:In its first 10 years a mutual fund produced an average annual return of 19.72%. Assume that money invested in this fund continues to earn 19.72% compounded annually. How long will it take money invested in this fund to double? It will take approximately (Round up to the nearest year.) year(s) for the money invested in this fund to double.
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