At 3 percent interest,it will take ________ years to double an amount of money invested.
A) 24
B) 36
C) 72
D) 12
E) 48

Question

Quizplus · Accepted Answer

The rule of 72 is a shortcut to calculate the number of years it takes to double your money at a given interest rate. To use the rule, simply divide 72 by the interest rate. In this case, the interest rate is 3%, so it will take 72 / 3 = 24 years to double the amount of money invested.

At 3 Percent Interest,it Will Take ________ Years to Double