If I want to invest a certain amount of money at 8% simple interest, how long will it take for the money to double?
a. 10 years
b. 9 years
c. 11 years
d. 12.5 years
If I want to invest a certain amount of money at 8% simple interest,how long will it take for the money double
12.5 years
Reply:b. 9 years
The magic number for doubling your money is 72. The interest rate times the doubling time is 72.
Reply:use the rule of 72 which gives will give the interest or time needed for money to double. divide 72 by the interest rate and you will get the time to double divide 72 by the time and you will get the interest rate.
in your case.
72/8 = 9 years to double.
Reply:use the rule of 72 which gives will give the interest or time needed for money to double.
72/8 = 9 years to double your money
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