At an annual interest rate of 14 percent,about how many years will it take $100 to double in value?
A)3
B)4
C)5
D)7

Question

Quizplus · Accepted Answer

Using the rule of 72, we can approximate the number of years it takes for an investment to double by dividing 72 by the annual interest rate.

In this case, 72/14 = 5.14 (rounded to two decimal places). Therefore, it will take approximately 5 years for $100 to double at an annual interest rate of 14 percent.

Therefore, the best choice is C.

At an Annual Interest Rate of 14 Percent,about How Many