Using the rule of 72,how long will it take $1,000 to double if you earn 6% interest per year?
A)12 years
B)6 years
C)7)2 years
D)10 years
E)Cannot calculate with information provided.

Question

Quizplus · Accepted Answer

The rule of 72 is a simple way to estimate the number of years required to double the investment at a given annual rate of return. By dividing 72 by the annual interest rate (6% in this case), you get 12 years.

Using the Rule of 72,how Long Will It Take $1,000