You invest $270 in a mutual fund today that pays 9.00 percent interest annually. how long will it take to double your money? (if you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to 0 decimal place, e. g. 545)

Amount will be doubled in 8 years.

Step-by-step explanation:

Since

where F = final amount

I = initial amount or amount invested

r = rate of interest

n = Duration of investment in years

Now it has been given in the question

F = 270×2 = $540

I = $270

r = 0.09

We plug these values in the formula to get the value of n

By taking log on both the sides

n =

  =

  = 8.04

  ≈ 8 years