55.1k views
5 votes
If u invest 1,000 an annual rate of 7% it will take about blank years for ur investment to double

User Shasak
by
8.0k points

1 Answer

1 vote

Answer:

It will take about 10.24 years for your investment to double.

Explanation:

This can be calculated using the rule of 72, where you divide 72 by the annual interest rate (in this case, 7%). The result is the approximate number of years it takes for an investment to double. In this case, 72 divided by 7 equals approximately 10.24 years.

User AndrewCox
by
8.4k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories