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A sum of money is invested at a compound interest rate of 12% per annum. How long will it take for the investment to double?

Practice Questions

1 question
Q1
A sum of money is invested at a compound interest rate of 12% per annum. How long will it take for the investment to double?
  1. 5 years
  2. 6 years
  3. 7 years
  4. 8 years

Questions & Step-by-step Solutions

1 item
Q
Q: A sum of money is invested at a compound interest rate of 12% per annum. How long will it take for the investment to double?
Solution: Using the rule of 72, 72/12 = 6 years to double the investment.
Steps: 0

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