Using the Rule of 72,approximately how long will it take to double your money if you invest it at 8% compounded annually?
A)6 months
B)9 months
C)6 years
D)9 years
E)It depends on the amount of the initial investment.

Question

Quizplus · Accepted Answer

Using the Rule of 72, we divide 72 by the annual percentage rate (8%). 
72/8= 9
Therefore, it will take approximately 9 years to double your money if you invest it at 8% compounded annually.

Using the Rule of 72,approximately How Long Will It Take