Table of Contents
- 1 How long will it take money to double itself at 8\% compounded quarterly?
- 2 In what time will a sum of money doubles itself at 10\% per annum?
- 3 In what time will a sum of money double itself at 12\% per annum?
- 4 What is the time period that is required to double the money itself?
- 5 How many years will a sum of money double at 8\%?
- 6 How many years does it take to double an amount?
- 7 What is the rule for doubling interest rates?
How long will it take money to double itself at 8\% compounded quarterly?
The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.
In what time will a sum of money doubles itself at 10\% per annum?
10 years
Hence, it will take 10 years for the sum of money to double itself with the rate of 10\% per annum simple interest.
In what time will a sum of money doubles itself at 5\% per annum?
So, the time taken is 14 years and 2 months.
In what time will a sum of money double itself at 12\% per annum?
8 years and 4 months
In this problem, it is given that the rate is 12 \% per annum and we need to find the time in which the principal amount doubles. The total amount at the end of N years is the sum of simple interest and the principal amount. Hence, the required time is 8 years and 4 months.
What is the time period that is required to double the money itself?
This is very simple rule. Simply divide 72 by the Annual Interest Rate and this is the time it will take you to double up your money. For e.g.:- If you Invest 10,000 at 8\% p.a., it will take you 9 years (72/8), to double up your money. The above Rule is an approximation.
How long would it take your money to double itself if it is invested at 6\% simple interest?
To use the Rule of 72 in order to determine the approximate length of time it will take for your money to double, simply divide 72 by the annual interest rate. For example, if the interest rate earned is 6\%, it will take 12 years (72 divided by 6) for your money to double.
How many years will a sum of money double at 8\%?
Approximately 9 years.Follow the rule of 72.Divide rate of interest in 72 to find out the no of years in which the amount will double.For example:-at 24\% interest an amount will double in 72/24=3 years. Originally Answered: In how many years will a sum of money double itself at 8\% simple interest per annum?
How many years does it take to double an amount?
You can use rule of 72 to figure out number years to double an amount: 72/8 = 9 years. So it will take 9 years to double amount at 8\% p.a. Originally Answered: In how many years will a sum of money double itself at 8\%simple interest per annum?
How many years does it take to double the principal?
So, @ 8\% interest, it will take 100/8 = 12.5 years to double the principal. If you are talking of an investment that is earning compound interest, you can use a guideline called the rule of 72, or 70, or 69.3, however precise you want to be.
What is the rule for doubling interest rates?
The rule states that doubling will occur in the time in years that is the product of dividing 72, or 70, or 69.3, by the interest rate. Results would be as follows: