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Answer: 7.2%
To compute this, realize that an interest rate of r% corresponds to a factor of 1 + r/100, each year.
Hence, if I start with x, in ten years, the total will be x*(1+r/100)^10.
If you like this to be 2x, you have to solve:
(1+r/100)^10 = 2.
hence, taking the 10th root:
1+r/100 = 2^(1/10) = 1.0718... and so,
r = 7.2%
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What is the interest rate to double money in seven years?
If you have an annual interest rate then is 10.405%
How many years in investing would it take to double your principle?
If the interest rate was eight percent, it would take about 9 years to double your principle.
What time will be required for a sum of money to double itself at 5 percent simple interest?
20 YEARS
What is the formula for double growth annuity rate?
It is called the rule of 72. You take the interest rate you will be receiving and divide that number into 72. the answer will be the number of years it will take you to double your money at that interest rate.
How many years does it take your money to double if it earns 1 percent per year?
Approx 69.661 years if the interest is compounded. 100 years otherwise.
