How long will it take money to double at 9.5% per year, compounded annually?
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A. B. C. D. E.Explanation
To solve this question, choose a future value that is twice the size of the present value. The actual number will not matter. On the BAII Plus, press 9.5 I/Y, 1000
PV, 0 PMT, 2000 +/- FV, CPT N. On the HP12C, press 9.5 i, 1000 PV, 0 PMT, 2000 CHS FV, n. Note that the HP12C will show 8 for the answer. The answer will be the same as long as the FV is twice as large as the PV.