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If you deposit 10,000 in an investment that yields 6 percent annually,? |
how many years will it take for your investment to double in value The answer is A: 12 years. The easy way to do this is to use the rule of 72. It says that to find how long it will take for an investment to double, divide 72 by the interest rate. For example, at 10% a year, it will take 72/10=7.2 years to double. For your problem the answer is 72/6=12yrs what does your textbook say? it may offer a clue. tba it's 12 years |
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