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If the interest rate is 7 percent how long will it take your money to double?
Wiki User
∙ 6y ago
A 7 percent interest rate can be written as r = 1.07 i.e start with 100 pounds and multiply it by 1.07 and after 1 year you will have 107 pounds
so what need to be calculated in 1.07 x 1.07 x 1.07 x 1.07 x ...... is > or equal to 2
i.e (1.07)n > 2 must calculate n
1.07
(1.07)2 = 1.1449
(1.07)3= 1.225043
(1.07)4= 1.3107.....
(1.07 etc ...... you will get n = 11
Wiki User
∙ 6y ago
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What is rule 72?
How long it will take for your money to double/divide the annual interest rate into 72.
How long will it take to double your money if it grows at 12 percent annually?
Six years at 12%
How long does it take to double your money at 20 percent?
Look up the "Rule of 72" via Google or any other good search engine
How long does a 4000 investment take to earn 720 interest if the interest rate is 6 percent per year?
3
How long will a 9000 investment take to earn 180 interest at an annual interest rate of 8 percent?
3 months
How long will it take for your money to double in the bank at 4 percent interest?
It will take 18 years.
How long will it take to double your money at 8 percent interest rate and continuous compounding?
Nine years at 8%
You deposit money today into an account at 6.5 percent interest how long to double your money?
About 11 years. (One quick way to find out how fast your money will double is through the Rule of 72. Divide 72 by the interest rate you're getting--in this instance, 6.5%. 72 divided by 6.5 = 11.07. So, it will take a little over 11 years for your money to double.)
What interest rate do you need to double 500?
Any positive rate of interest - as long as you leave the money invested for long enough.
How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
What is rule 72?
How long it will take for your money to double/divide the annual interest rate into 72.
How long will it take to double your money if it grows at 12 percent annually?
Six years at 12%
Using the Rule of 72 how long will it take for a deposit to double in size using an interest rate of 9 percent?
8 years.
How long does it take for 2000 dollars to double up at 6 percent on your money?
Twelve years at 6%
How long would it take 100 to double 5 percent?
As a rough guide to double any amount compounded annually, divide 70 by the interest rate. In this case that is 14 years.
Using the rule of 72 how long will take for a deposit to double size using an interest rate of 9 percent?
72/9 ie 8 years
Is ING a good place to put a long term investment?
ING is a good place to invest money especially if you want to double your interest.
