How long will it take you to double your money if you can invest at 7.2% per year?
A)9.97 years
B)9.28 years
C)8.62 years
D)7.21 years
E)6.98 years

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 fixed annual rate of interest. By dividing 72 by the annual interest rate, you get the approximate number of years. For a 7.2% interest rate, 72 / 7.2 = 10 years. However, the closest option is 9.97 years, which accounts for more precise calculations.

How Long Will It Take You to Double Your Money