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    ivory5130's Avatar
    ivory5130 Posts: 55, Reputation: 1
    Junior Member
    		  
    #1

    Jan 14, 2007, 09:29 PM
    Lump sum to double-Interest
    If you deposit money today into an account that pays 6.5 percent interest, how long does it take for your money to double?
    venugopalarao's Avatar
    venugopalarao Posts: 14, Reputation: 1
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    #2

    May 5, 2007, 02:57 AM
    The doubling period can be calculated by applying the following rules:

    The rule 72

    doubling period=72/the interest rate.


    More accuracy can be achieved by applying the rule 69

    doubling period=0.35+69/intrest rate
    clguthrie's Avatar
    clguthrie Posts: 1, Reputation: 1
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    #3

    Jan 31, 2012, 05:07 PM
    How long will it take $300 to double if it earns 7% compounding annually?
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