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Earn +20 ptsQ: What annual interest rate will cause your money to double in 4 years?
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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.
How long will it take to double your money at 8 percent interest rate and continuous compounding?
Nine years at 8%
If a Bank account has a nominal annual rate of 7.23 percent compounded annually how many years will it take to double your money?
10 years
What interest rate would double your money in 5 years?
14.87% per annum, compounded for 5 years would give back very slightly more than double (2.000014).
What is the price paid for the use of borrowed money?
It is interest
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