Question

How many years will it take for $2000 to double at a simple annual interest rate of 8%?

Answer 1

9 years

Explanation:

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years