Q7: A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? If the present value is Rs.1, its future value is Rs.2. The bank is...

1. A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? If the present value is Rs.1, its future value is Rs.2. The bank is compounding monthly; thus, the interest rate is 5.5/12 percent per month.

Extracted text: Q7: A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? If the present value is Rs.1, its future value is Rs.2. The bank is compounding monthly; thus, the interest rate is 5.5/12 percent per month.