Problem:
Currently interest rates continue to be close to historic lows, resulting in low borrowing costs for consumers. Savers, on the other hand, continue to struggle in this low interest rate environment. Currently a 6 month certificate of deposit pays about .20%, while a 5 year certificate of deposit pays 1.5%. At first glance this may not appear to be a significant difference in rates; however comparisons may illustrate otherwise. If we assume annual compounding, at each of these rates, how long would it take an investment to double its value?
Note: Please describe comprehensively and provide step by step solution.