Wiki User
∙ 12y ago17 years
Wiki User
∙ 12y agoIf the interest rate was eight percent, it would take about 9 years to double your principle.
How long it will take for your money to double/divide the annual interest rate into 72.
There's a rule of thumb for "double your money" problems: Time = 70/interest rate, so in this case approx 7 years.
6.7 percent as a rate = 6.7%
No, 0.01 is not written as 0.01% in percent rate. 0.01 in percent rate is 1%.
27.6 yearst = 0.69 / r where r is the growth rate
Nine years at 8%
It will take approximately 23 years for a population to double with a growth rate of 3 percent per year. This can be calculated using the rule of 70, where you divide 70 by the growth rate to find the doubling time. In this case, 70 divided by 3 equals 23.33, which can be rounded to 23 years.
8 years.
As a rough guide to double any amount compounded annually, divide 70 by the interest rate. In this case that is 14 years.
72/9 ie 8 years
To double takes, don't ask me why, 70/x years where x is the interest rate, so 14 years give or take a month or two.
9.0065 years.
The usury rate in Arizona is 10.0 percent as long as that rate was agreed to in writing. This does not apply to corporations since they do not have a special rate.
Any positive rate of interest - as long as you leave the money invested for long enough.
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.
If the interest rate was eight percent, it would take about 9 years to double your principle.