3 years ago

If the interest rate is 5% how long will it take you to double your money ?

Mathematics

1 answer:

Triss [41]3 years ago

6 0

Answer:

If your money is earning a 5% interest rate annually, then it will take 14.4 years to completely double itself.

Step-by-step explanation:

An easy rule of thumb to remember is to take 72 and divide it by the intrest rate as if it was a whole number. For instance, if you were looking at an 8% interest rate, then it would take 9 years to double.

72/5 = 14.4

Hope this helps!

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