Initial Investment Annual % Rate Time to Double Amount After 10 Years $1000 6.3% yr $
Added by M-Nica S.
Step 1
We need to find the time it takes to double the investment at a 6.3% annual interest rate. We can use the Rule of 72 to approximate this: Time to double ≈ 72 / Interest Rate Time to double ≈ 72 / 6.3 ≈ 11.43 years Show more…
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