what annual rate of interest compunded anually doubles an investment in 7 years
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Step-by-step explanation:
When interest is compounded annually, a single amount will double in each of the following situations: The Rule of 72 indicates than an investment earning 9% per year compounded annually will double in 8 years.
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Answer:
In reality, a 10% investment will take 7.3 years to double ((1.10^7.3 = 2). The answer is 9%. Below is the rough but accurate way to calculate the simple interest from Investopedia. The 'Rule of 72 ' is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest.
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