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A certain amount of money is invested at a 20% interest rate. In how many years will it double?

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GinnyAnswer

Final answer:

The Rule of 70 calculates the time needed for an investment to double based on the interest rate.


Explanation:

The Rule of 70 is a method used to estimate the time it takes for an investment to double based on the interest rate. By dividing 70 by the interest rate, you can determine the approximate number of years it will take for the investment to double.

For example, if an investment is made at a 20% interest rate, 70 divided by 20 equals 3.5 years. Therefore, it will take approximately 3.5 years for the investment to double.


Learn more about compound interest here:

https://brainly.com/question/14295570


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