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You want to know how long it will take for a retirement savings of $\$50,000$ to grow to $\$100,000$ if it is invested at an annual interest rate of $7\%$, compounded annually. Use the formula $A = P\left(1 + \frac{r}{n}\right)^{nt}$, where $A$ is the balance (final amount), $P$ is the principal (starting amount), $r$ is the interest rate expressed as a decimal, $n$ is the number of times per year that the interest is compounded, and $t$ is the time in years. Round your answer to the nearest hundredth.