A deposit placed in an interest-earning account earning 8% a year will double in value in ________ years.

Question

Quizplus · Accepted Answer

The time required for the deposit to double can be calculated using the rule of 72 which states that the number of years required to double an investment is approximately equal to 72 divided by the annual interest rate (in percentage). 
So, in this case, 72 divided by 8 is 9. Therefore, the deposit will double in value in 9 years.

A Deposit Placed in an Interest-Earning Account Earning 8% a Year