If $15,000 is invested at 10% per year, in approximately how many years will the investment double?

Name: If $15,000 is invested at 10% per year, in approximately how many years will the investment double?
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Quizplus · Accepted Answer

The Rule of 72 is a simple way to estimate the number of years required to double the investment at a given annual rate of return. By dividing 72 by the annual interest rate (10%), we get approximately 7.2 years, which is closest to option A (7.3 years).

If $15,000 Is Invested at 10% Per Year, in Approximately