You can invest your money at a rate of 7% per year.At this rate it will take you just over ________ years to double your money.Use the Rule of 72 to determine your answer.
A)4
B)10
C)5.5
D)There is not enough information to answer this question.

Question

Quizplus · Accepted Answer

The Rule of 72 is a simple way to estimate the number of years required to double an investment at a given annual rate of return. By dividing 72 by the annual rate of return, you get an approximate number of years. In this case, 72 divided by 7 equals approximately 10.3 years, so the closest answer is 10 years.

You Can Invest Your Money at a Rate of 7