Final answer:
Using the Rule of 72, it will take approximately 18.94 years for money to quadruple in value at a 7.6% annual interest rate, with the understanding that the rule provides an estimation and actual results may differ.
Step-by-step explanation:
Understanding the Rule of 72
To determine how long it will take for your money to quadruple at a 7.6% interest rate, you can use the Rule of 72. This rule is a simplified way to estimate the number of years required to double the value of an investment with compound interest. Essentially, you divide 72 by the annual interest rate. To quadruple, you'll need to double twice, so this calculation is performed two times.
For a 7.6% interest rate, the calculation for doubling is 72 / 7.6 ≈ 9.47 years. Therefore, to quadruple your investment, you would approximately need 9.47 * 2 ≈ 18.94 years.
Note that this is a simplified estimation, and actual results may vary based on factors like the frequency of compounding. However, the Rule of 72 provides a quick and relatively accurate estimate for scenarios requiring a fast calculation.