The formula below tells us how to obtain the maturity value on a simple discount loan if we are given the proceeds, the discount rate, and the term. M 1-dRT 1- If a loan's annual simple discount rate is 7.07%, how many years would it take for the debt to double? (This is called the doubling time of a loan). Round your answer to the nearest tenth of a year. Hint: divide both sides of the equation by P. If Mis twice as much as P, what should the fraction on the left-hand side equal? The formula below tells us how to obtain the maturity value on a simple discount loan if we are given the proceeds, the discount rate, and the term. M 1-dRT 1- If a loan's annual simple discount rate is 7.07%, how many years would it take for the debt to double? (This is called the doubling time of a loan). Round your answer to the nearest tenth of a year. Hint: divide both sides of the equation by P. If Mis twice as much as P, what should the fraction on the left-hand side equal