At 8%, compounded annually, how long will it take $750 to double?
A)9 years
B)8 years
C)12 years
D)4 years

Question

Quizplus · Accepted Answer

The rule of 72 is a simple way to estimate the number of years required to double the invested money at a given annual rate of return. By dividing 72 by the annual rate of return, investors can get a rough estimate of how many years it will take for the initial investment to duplicate itself. In this case, 72 divided by 8% equals 9 years.

At 8%, Compounded Annually, How Long Will It Take $750