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Earn +20 ptsQ: What is the interest rate to double money in seven years?
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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.
Is it true that it will take money in savings 14.2 years to double at 5 percent interest compounded annually?
Yes, that's an accurate number.
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