Rule of 72 Introduction: The Rule of 72 is

Introduction: The Rule of 72 is a mathematical formula for approximating the time it will take for a given amount of money to double at a given compound interest rate. The formula is simply 72 divided by the interest rate. In six years $100 will approximately double at a compound annual rate of 12 percent. The formula is: 72 divided by 12 = 6 years. Here is another example: If someone were to invest $100 at a 9 percent interest rate, that investment would be worth $200 after 8 years since 72 divided

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Category: Economics - R