You invest $270 in a mutual fund today that pays 9.00 percent interest annually. How long will it take to double your money? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to 0 decimal place, e.g. 545)

Answer:Amount will be doubled in 8 years.Step-by-step explanation:Since [tex]F=I(1+r)^{n}[/tex]where F = final amount I = initial amount or amount invested r = rate of interest [tex](\frac{r}{100})[/tex]n = Duration of investment in yearsNow it has been given in the questionF = 270×2 = $540I = $270r = 0.09We plug these values in the formula to get the value of n[tex]540=270(1+0.09)^{n}[/tex][tex]\frac{540}{270}=(1.09)^{n}[/tex]By taking log on both the sides[tex]log(2)=log(1.09)^{n}[/tex][tex]log(2)=nlog(1.09)[/tex]n = [tex]\frac{log2}{log1.09}[/tex]   = [tex]\frac{0.30103}{0.03743}[/tex]   = 8.04   ≈ 8 years