Problem 4-7 Calculating the Number of Periods [LO 4]

Requirement 1:

At 8.00 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Length of time

years

Requirement 2:

At 8.00 percent interest, how long does it take to quadruple your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Length of time

years