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?​

Answer 1

Answer:

Double Your Money: The Rule of 72

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.