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Sometimes. It depends on the interest rate. The rule of 72 will tell you when your investment will double.
Example(usage): you invest x dollars at 9% interest per year. 72/9 = 8
It will take 8 years for your investment to reach 2x at 9% annual interest.
The interest needed to double an investment in 10 years is:
72/x=10
7.2% interest
So if your investment had an annual interest rate of 7.2% it would double in 10 years.
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Rule of 72 is a method that you can use to estimate the time your investments will double.I will give you the formulas and examples of how to apply them1) 72/interest=years2)72/years=interestExample 1: An investor is earning an interest of 10%. How many years will it take for her investments to double.Solution: 72/10= answerExample 2: An investor wants to double her money in 9 years, at what rate of interest must she earn for her investment to double in 9 years?Solution: 72/9=answer
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