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1 answer:
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It takes about 14.55 years for quadruple your money
<em><u>Solution:</u></em>
Given that,
At 10 percent interest, how long does it take to quadruple your money
Rule of 144:
The Rule of 144 will tell you how long it will take an investment to quadruple
Here,
Rate of interest = 10 %
Therefore, number of years to quadruple your money is obtained by dividing 144 by 10
<em><u>Rule of 144 Formula: </u></em>
Where:
N = Number of many years times.
144 = Is the constant variable.
R = Rate of interest.
Thus it takes about 14.4 years for quadruple your money.
<em><u>Another method:</u></em>
If initial amount is $ 1 and it if quadruples it should be $ 4
We have to find the number of years if rate of interest is 10 %
Let "n" be the number of years
Then we can say,
Thus Option D 14.55 years is correct