How long does it take to double a deposit of $1000 a. at a compound annual interest ra...

How long does it take to double a deposit of $1000

a. at a compound annual interest rate of 6%

b. at a compound annual interest rate of 7%

c. at a compound annual interest rate of 8%

d. If instead of $1000 you deposit $5000, would the time to double your money be different in parts (a)–(d)? In other words, is the initial sum of money a factor in determining how long it takes to double your money?

Now use your answers to verify a rule of thumb that is commonly used by bankers to determine how long it takes to double a sum of money. The rule of thumb commonly used by bankers is given by time period to double a sum of money