Estimate how long it would take an investment of £100 to double with a compound interest rate of 3%

£205.26

Step-by-step explanation:

YearInterestTotal

InterestBalance

0----£100.00

1£3.04£3.04£103.04

2£3.13£6.18£106.18

3£3.23£9.41£109.41

4£3.33£12.73£112.73

5£3.43£16.16£116.16

6£3.53£19.69£119.69

7£3.64£23.34£123.34

8£3.75£27.09£127.09

9£3.87£30.95£130.95

10£3.98£34.94£134.94

11£4.10£39.04£139.04

12£4.23£43.27£143.27

13£4.36£47.63£147.63

14£4.49£52.12£152.12

15£4.63£56.74£156.74

16£4.77£61.51£161.51

17£4.91£66.42£166.42

18£5.06£71.49£171.49

19£5.22£76.70£176.70

20£5.37£82.08£182.08

21£5.54£87.61£187.61

22£5.71£93.32£193.32

23£5.88£99.20£199.20

24£6.06£105.26£205.26