Andrea
Tue Jul 02 2024
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6 answers
1032
How long will it take you to double your money if you invest $1000 at 8% compounded annually?
Good day, investors. Let's delve into a crucial question regarding the potential growth of your investments. Assuming you've decided to invest $1000 at an annual compound interest rate of 8%, I'm curious to know: how long would it take for your initial investment to double? The concept of compounding interest is fundamental in finance, and it's important to understand the timeframes involved to make informed decisions. So, with this rate of return, what would be the approximate timeline for your money to reach double its original value?
