A sum of money doubles itself in 8 years when deposited at a certain percentage of simple interest.
How many years will the same sum of money take to triple itself when deposited at the same percentage of interest?
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If an investment scheme promises an 8% annual compounded rate of return, it will take approximately (72 / 8) = 9 years to double the invested money. Note that a compound annual return of 8% is plugged into this equation as 8, and not 0.08, giving a result of nine years (and not 900)
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sorry I didn't know this answer
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