If you deposit money today into an account that pays 6.5 percent interest?

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If you deposit money today into an account that pays 6.5 percent interest?

how long will it take for you to double your money?

2007-01-31 14:08:41 · 2 answers · asked by **LIBERTY** 1 in Business & Finance ➔ Personal Finance

2 answers

Depends on when it is compounded. For a rough estimate use the rule of 72. 72 dividied by expected rate of return, will give you the number of years. So for 6.5, it would be

72/6.5 = 11 years or so.

2007-01-31 15:10:50 · answer #1 · answered by David W 3 · 0⤊ 0⤋

3894 Days or 10.67 Years if Compounded Daily.
About 10.83 Years if Compounded Monthly.
About 13.10 Years if Compounded Annually.

2007-01-31 14:30:06 · answer #2 · answered by Eric C 3 · 0⤊ 0⤋