Q: How long will it take to double your money if it grows at 12 percent annually?

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Yes, that's an accurate number.

400*(1.06)25 = 1716.75

189.89

20 YEARS

Look up the "Rule of 72" via Google or any other good search engine

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10 years

Yes, that's an accurate number.

400*(1.06)25 = 1716.75

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.

189.89

9.0065 years.

It will take 18 years.

Yes, it is compared to what others make annually.

1). My money will never double. Let's talk about Jon's money instead. 2). It doesn't matter how much he deposits into the account. The time required for it to double is the same in any case. 3). At 8% interest compounded annually, the money is very very very nearly ... but not quite ... doubled at the end of 9 years. At the end of the 9th year, the original 1,000 has grown to 1,999.0046. If the same rate of growth were operating continuously, then technically, it would take another 2days 8hours 38minutes to hit 2,000. But it's not growing continuously; interest is only being paid once a year. So if Jon insists on waiting for literally double or better, then he has to wait until the end of the 10th year, and he'll collect 2,158.92 .

Twelve years at 6%

jo mama

20 YEARS