How long will it take money to double itself if invested at 5% compounded annually? A. 13.7 years B. 14.7 years C. 14.2 years D. 15.3 years

The correct answer is A. 13.7 years.

To calculate the time it takes for money to double itself, we can use the formula $T = \dfrac{ln(2)}{ln(1 + r)}$, where $T$ is the number of years, $r$ is the annual interest rate, and $ln$ is

In this case, $r = 0.05$, so $T = \dfrac{ln(2)}{ln(1 + 0.05)} \approx 13.7$ years.

Option B is incorrect because it is the time it takes for money to triple itself. Option C is incorrect because it is the time it takes for money to quadruple itself. Option D is incorrect because it is the time it takes for money to quintuple itself.