You have $2,000 to invest right now, and the best interest rate you can find is...

You have $2,000 to invest right now, and the best interest rate you can find is 5%.

You want to know how long it will take to double your money to $4,000.

The number of years is _____.

Solutions

Expert Solution

Rule of 72

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72.

Hence answer 72/5 = 14.4 year that is 14 year and 4 month

jeff jeffy answered 2 years ago

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