How long would it take to double the investment?

Question

Suppose that $8000 is invested at an interest rate of 5.5% per year, compounded continuously. How long would it take to double the investment?

Answer 1

you need to divide 72 by 5.5 which makes 13 years.

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Answer 2

For any investment, use the "Rule of 72".  Divide 72 by the interest rate and that will tell you how long it will take to double the investment.

For example:

72/8%= 9 years

72/5.5%= 13.09  years

72/10%= 7.2 years  

Answer 3

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