How long will it take for your money to double if the APY is 8%?

Name: How long will it take for your money to double if the APY is 8%?
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 return, investors can get a rough estimate of how many years it will take for the initial investment to duplicate itself. In this case, dividing 72 by 8 gives 9 years.

How Long Will It Take for Your Money to Double