Final answer:
The rule of 72 is used to determine the doubling time for an investment. At an annual interest rate of 11%, it would take approximately 6.5454 years for your money to double.
Step-by-step explanation:
The rule of 72 is an approximation used to determine the doubling time for an investment. To find out how long it will take for your money to double at an annual interest rate of 11%, you would use the formula:
Number of years to double = 72 / interest rate
Substituting in the values:
Number of years to double = 72 / 11 = 6.5454 (approx)
Therefore, it would take approximately 6.5454 years for your money to double.