If you deposit money today into an account that pays 6.5 percent interest, how long will it take for you to double your money?
You can get a pretty good estimate by using the Rule of 72.
Divvied 72 by 6.5 to obtain your answer.
The formula depends on when the interest is compounded or not.
http://cs.selu.edu/~rbyrd/math/regular/
To answer this question, you can use the Rule of 72. The Rule of 72 is a simple way to estimate how long it will take to double your money based on a fixed interest rate.
The formula for the Rule of 72 is:
Time to double = 72 / interest rate
In this case, the interest rate is 6.5 percent.
So, to find out how long it will take to double your money, divide 72 by 6.5:
Time to double = 72 / 6.5
When you divide 72 by 6.5, you get approximately 11.08.
Therefore, it will take around 11.08 years to double your money at an interest rate of 6.5 percent.