Question

What is the minimum number of years (complete) in which a principal amount becomes
more than twice its value, when invested at an interest rate of 15 % p.a., compounded
annually ?
pls ans with calculation
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Answer 1

Answer:

The rule states that an investment or a cost will double when: [Investment Rate per year as a percent] x [Number of Years] = 72. The Rule of 72 indicates than an investment earning 9% per year compounded annually will double in 8 years.