asked 180k views
2 votes
If you deposit money today in an account that pays 15% annual interest, how long will it take to double your money? Round your answer to two decimal places____

1 Answer

3 votes

Final answer:

Using the Rule of 72, it takes approximately 4.8 years to double your money with a 15% annual interest rate, assuming the interest is compounded annually.

Step-by-step explanation:

To determine how long it will take to double your money with 15% annual interest, you can use the Rule of 72. This is a simple way to estimate the number of years required to double an investment at a fixed annual rate of interest.

By dividing 72 by the annual interest rate, you get the approximate number of years to double the money. So, in this case:

72 / 15 = 4.8 years

Therefore, it will take approximately 4.8 years to double your money at a 15% annual interest rate. This assumes the interest is compounded annually, and no additional deposits or withdrawals are made during this period.

answered
User Adl
by
8.3k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.