2006-12-09 13:27:18 · 7 answers · asked by camille m 1 in Business & Finance ➔ Investing
http://mmteam.us/compound.htm
Click on the above website to see the rule of 72.
Then click on http://www.4xmoneytrain.com to see how you can apply that rule successfully.
2006-12-09 14:36:57 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Sounds like a job for the "Rule of 72"
With the interest being 8% it would take 9 years for your investment of $50,000 to double to $100,000
2006-12-09 13:54:59 · answer #2 · answered by sis79 2 · 1⤊ 0⤋
$50000 @ 8% int will be $99995.02 in 9-years so the answer would be just over 9-years.
Hope that helps.
$50000 @ 8% 1-yr = $5400
$50000 @ 8% 2-yr = $5832
$50000 @ 8% 3-yr = $6298.56
$50000 @ 8% 4-yr = $6802.44
$50000 @ 8% 5-yr = $7346.64
$50000 @ 8% 9-yr = $99995.02
2006-12-09 13:43:05 · answer #3 · answered by Mugleedone 2 · 1⤊ 0⤋
Cowgirl gave you the correct answer. It is called the rule of 72. By dividing your interest rate into 72 you get the number of years it takes to double your money.
2006-12-09 14:08:35 · answer #4 · answered by Jewelhunter 2 · 1⤊ 0⤋
About 12 years (a little less)
2006-12-09 13:33:13 · answer #5 · answered by romasuave1 2 · 0⤊ 1⤋
Simple interest: 50,000*.08*x = 100,000-50,000 or 50,000... so 12.5 years?
Hm... I'm assuming "Rule of 72" only works for compound interest...
2006-12-09 14:37:21 · answer #6 · answered by Bob R. 6 · 0⤊ 1⤋
camille m Here a big news for you!...
http://www.osoq.com/funstuff/extra/extra01.asp?strName=camille_m
2006-12-09 13:38:57 · answer #7 · answered by abf e 1 · 0⤊ 1⤋