You invest $230 in a mutual fund today that pays 6.5 percent interest annually. How long will it take to double your money? (Round answer to 0 decimal places, e.g. 25.) Number of years
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This is a classic application of the Rule of 72. The Rule of 72 is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. The formula is: $$ \text{Years to double} \approx \frac{72}{\text{Annual interest Show more…
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