How long will it take a $100 deposit to increase to $200 if the rate of interest is 2 percent?

Name: How long will it take a $100 deposit to increase to $200 if the rate of interest is 2 percent?
Brand: Quizplus
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Question

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 rate of interest, we get the approximate number of years for doubling. Here, 72 divided by 2 percent equals 36 years.

How Long Will It Take a $100 Deposit to Increase