Question

At 8.5 percent interest, how long does it take to double your money? (do not round intermediate calculations and round your answer to 2 decimal places,

e.g., 32.16.) length of time 17 years at 8.5 percent interest, how long does it take to quadruple your money? (do not round intermediate calculations and round your answer to 2 decimal places,

e.g., 32.16.) length of time 34 years

Answer 1

Using the Rule of 72, it would take 8.47 years to double at 8.5% interest.

The rule of 72 is very simple: divide 72 by the fixed interest rate to determine number of years it will take for an investment to double.