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finance management

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If you deposit money into your account that pays 6.5% interest, how long will it take for you to double your money?

  • finance management -

    The short-cut method is to use the Rule of 72. That is 72/rate = time needed for investment to double. So, 72/6.5 = 11.08 years

    Or you could do in more precisely by compounding an investment by 6.5% until it doubles.

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