Calculate Compound Interest and Doubling Time
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Question
You can use to roughly estimate how many years a given sum of money must earn at a given compound annual interest rate in order to double that initial amount.
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.B
The answer to this question is B. the Rule of 72.
The Rule of 72 is a quick and simple way to estimate the number of years it will take for an investment to double in value at a given compound annual interest rate. It works by dividing the number 72 by the annual interest rate.
For example, if an investment has a compound annual interest rate of 8%, it will take approximately 9 years for the investment to double in value (72 divided by 8 equals 9). If the interest rate is 10%, it will take approximately 7.2 years for the investment to double (72 divided by 10 equals 7.2).
While this rule is not exact, it can be a useful tool for estimating the time required to double an investment. It is important to note that the Rule of 72 assumes a constant annual interest rate and does not take into account any fees or taxes that may impact the investment's growth.
To summarize, the Rule of 72 is a simple calculation that can be used to estimate the number of years it will take for an investment to double in value at a given compound annual interest rate.
