What is the rate of interest at which the money doubles itself in 5 years?
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Explanation:
The simplest rule of thumb for this is just divide the number 72 by the number of years in which the investment will double. If it doubles in 10 year the rate rate is about 7.2%. If it doubles in 5 year, the the approximate interest rate is 72/5 = 14.4%.
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Answer:
The simplest rule of thumb for this is just divide the number 72 by the number of years in which the investment will double. If it doubles in 10year,the rate is about 7.2% .If it doubles in 5 years, then the rate will be 72/5=14%.
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