how long will it take for money to double at a rate of 6 compounded monthly

How long will it take for money to double at a rate of 6 compounded monthly

Rule of 72 - Formula, Calculate the Time for an Investment to Double


The simple calculation is dividing 72 by the annual interest rate. That he will get a 12 annual rate of return on his investment, compounded yearly. How long it will take for an investment to double at a given interest rate. Since the aim is to double your money, just try to put it as an equation and you. Find out by how much your money will grow if you save in a recurring deposit, given a. Number of times the money is compounded per year, and the number of years the money is left in the bank. In this section we cover compound interest and continuously compounded interest. Example how long does it take to double 1000 at an annual interest rate of.

The rule of 72 for compound interest (video) | Khan Academy


Ex2suppose that 5000 is deposited in a saving account at the rate of 6 per year. For compounded continuously, the time t it takes to double the price,. There are two basic ways of calculating the amount of interest paid on money. Compound interest increases the amount youll earn on your. Interest rate enter the rate of return you expect on your investment. A key to this growth is compound interest rate calculator. The amount is how much money you will have at the end of the period you selected. .