Question

Using the Rule of 72, approximately how long will it take to double your money if you invest it at 9% compounded annually? (W
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Answer #1

Answer is -------------> 8 years

Explanation :

As per Rule 72 , the interest earn annually shall be divided by 72 to determine the number of years required for an investment to double the return.

Time require to double the money = 72 / rate

Time required to double the money = 72 / 9

Time require to double the money = 8 years

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