Final answer:
Using the Rule of 72, it takes approximately 4.8 years to double your money with a 15% annual interest rate, assuming the interest is compounded annually.
Step-by-step explanation:
To determine how long it will take to double your money with 15% annual interest, you can use the Rule of 72. This is a simple way to estimate the number of years required to double an investment at a fixed annual rate of interest.
By dividing 72 by the annual interest rate, you get the approximate number of years to double the money. So, in this case:
72 / 15 = 4.8 years
Therefore, it will take approximately 4.8 years to double your money at a 15% annual interest rate. This assumes the interest is compounded annually, and no additional deposits or withdrawals are made during this period.