If $50 is invested at 6 percent interest. How long will it take to double?
16 years and 8 months with simple interest earned
11 years and 11 months with compound interest earned
The time will differ between an investment with compound interest and with simple interest. It will happen sooner with Compound interest.
In order to double in value, the interest must be
16 years and 8 months to double with simple interest
In order to double, the Amount must be