Question

At 8.5 percent interest, how long does it take to double your money? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) length of time 17 years at 8.5 percent interest, how long does it take to quadruple your money?

Answer 1

Using the Rule of 72, it would take 8.47 years to double at 8.5% interest.

The rule of 72 is very simple: divide 72 by the fixed interest rate to determine number of years it will take for an investment to double

Step-by-step explanation: