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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.
What is the interest rate to double money in seven years?
If you have an annual interest rate then is 10.405%
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 rate of interest if a sum of money doubles itself in 10 years at simple interest?
A simple interest rate of 10 per cent per year will double a sum of money in ten years.
What is the rule of 72 in savings and investments?
The rule of 72 is a quick and very accurate method of determining how long it takes for money to double at a specified rate of interest, compounded annually. For example, using the rule of 72 with a compounded interest rate of 6% it would take 12 years to double your money (72 divided by 6). The precise amount of time it takes to double your money at 6% based on the actual computation of compounded interest is 11.9 years. The rule of 72 works very well unless the rate of interest exceeds 20% at which point the error rate starts to deviate substantially from the actual answer. The rule of 72 can also be used to figure out what rate of interest you need to double your money in a specified number of years. For example, if you want to double your money in 5 years, divide 72 by 5 and the interest rate needed is 14.4%.
How long will it take for your money to double in the bank at 4 percent interest?
It will take 18 years.
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.
You deposit money today into an account at 6.5 percent interest how long to double your money?
About 11 years. (One quick way to find out how fast your money will double is through the Rule of 72. Divide 72 by the interest rate you're getting--in this instance, 6.5%. 72 divided by 6.5 = 11.07. So, it will take a little over 11 years for your money to double.)
What is the rule of 72 used for?
determining how many years it takes for money to double at a particular interest rate
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.
Years of the world?
About 8 years to double (divide 70 by the interest rate), and presumably another 8 years to double again? This supposes compound interest. For simple interest, 11 years to double and 33 to quadruple.
How many years would it take for money to triple in value at 20 percent per year simple interest?
10 years. Compound interest would take 7 years.
