The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. By

Question

3 years ago

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The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. By

dividing 72 by the annual rate of return, investors obtain a rough estimate of how many years it will take for the initial investment to duplicate itself. You want to double your initial investment of $5,000. You put your money in a high yield interest-bearing account earning 6% per year. How long will it take to double your money?

Mathematics

1 answer:

Verdich [7] · Answer 1 · 2022-02-09T13:00:25+03:00

Verdich [7]3 years ago

7 0

Answer: 12 years

Step-by-step explanation: