Approximately how many years does it take to double a $500 investment when interest rates are 4 percent per year?
A) 0.06 year
B) 6 years
C) 6.94 years
D) 18 years

Name: Approximately how many years does it take to double a $500 investment when interest rates are 4 percent per year? A) 0.06 year B) 6 years C) 6.94 years D) 18 years
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Question

Quizplus · Accepted Answer

Using the Rule of 72, you divide 72 by the interest rate (4%) to estimate the doubling time, which is approximately 18 years.

Approximately How Many Years Does It Take to Double a $500