If I want to invest a certain amount of money at 8% simple interest,how long will it take for the money double

Question

If I want to invest a certain amount of money at 8% simple interest, how long will it take for the money to double?

a. 10 years
b. 9 years
c. 11 years
d. 12.5 years

Answer 1

12.5 years

Answer 2

Most charities are a business and are run as such, there is only a small percentage of the money collected that is actually used for the purpose that it was donated for, the London Marathon Trust take a huge amount of money for their business and a huge amount is then passed to other charities, those charities then take a huge amount for their business, the remainder is then used for the cause that it is collected for, the problem is, the amount left over is only a fraction of what it should be, all charities have expenses to pay for, these expenses are used for the purchase of plush offices with plush furnishing, high salaries for the managers and directors, company cars that are always Mercedes, BMWs, Jaguars and other high end cars like these, you never see a director of a Charity driving a Ford Focus or a Renault Clio, or any car as lowly as that, they all live in large expensive houses and all of this is funded by people that give their money to help others, or to fund various research programs, there are far too many people creaming money off of the top before what is left is distributed out.

Answer 3

use the rule of 72 which gives will give the interest or time needed for money to double.


72/8 = 9 years to double your money

Answer 4

use the rule of 72 which gives will give the interest or time needed for money to double. divide 72 by the interest rate and you will get the time to double divide 72 by the time and you will get the interest rate.

in your case.
72/8 = 9 years to double.

Answer 5

b. 9 years

The magic number for doubling your money is 72. The interest rate times the doubling time is 72.