Future valueYou have $700 to invest. If you can earn 16% interest, about how long does it take for your $700 investment to grow to $1,400? Suppose the interest rate is just half that, at 8%. At half the interest rate, does it take exactly twice as long to double your money? Why or why not? How long does it take? Question content area bottom Part 1 If the annual interest rate is 16%, the number of years it takes to double your money is enter your response here years.(Round to two decimal places.)