Approximately how many years does it take to double a $475 investment when interest rates are 8% per year?
A) 18 years
B) 12 years
C) 9 years
D) 4.75 years

Name: Approximately how many years does it take to double a $475 investment when interest rates are 8% per year? A) 18 years B) 12 years C) 9 years D) 4.75 years
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Question

Quizplus · Accepted Answer

To solve this problem using the rule of 72: 
72 ÷ interest rate = years to double
So, 72 ÷ 8 = 9
Therefore, it will take approximately 9 years to double the investment at 8% per year.

Approximately How Many Years Does It Take to Double a $475