If you can earn 5.25% per year on your investments,how long will it take to double your money?
A)6.31 years
B)19.05 years
C)13.55 years
D)There is not enough information to answer this question.

Question

Quizplus · Accepted Answer

This question relates to the concept of the rule of 72, which states that you can estimate the number of years it takes for an investment to double by dividing 72 by the interest rate. In this case, 72/5.25 = 13.71 years. Therefore, it would take approximately 13.55 years to double your money, making choice C the best answer.

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