To calculate the time it takes for money to double using compound interest:
\[ t = \frac{\ln(2)}{\ln(1 + r)} \]
Where:
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Let's assume the following value:
Step 1: Convert the annual interest rate from percentage to decimal:
\[ r = \frac{5}{100} = 0.05 \]
Step 2: Calculate the time to double the money:
\[ t = \frac{\ln(2)}{\ln(1 + 0.05)} \approx 14.21 \text{ years} \]
