0
Add your answer:
Earn +20 pts
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 length of time required before a 1000000 deposit will double if the interest rate is 10 percent?
There's a rule of thumb for "double your money" problems: Time = 70/interest rate, so in this case approx 7 years.
What is the best diffinition for rule 72?
the number of years it takes for your money to double can be estomated by dividing 72 by the annual percentage interest rate.
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.
How long will it take for your money to double in the bank at 4 percent interest?
It will take 18 years.
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 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%.
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 long will it take to double your money at 8 percent interest rate and continuous compounding?
Nine years at 8%
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.
1500 a month deposited each month how much will it be after 12 years?
use the "rule of 72".It states that money in the bank will double in a number of years if you divide 72 by the interest rate paid per year.For example:If I can get 7.2% interest per year my money will double in 10 years, because 72/7.2 = 10.
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).
