If $17,000 is invested at 11 % per year, in approximately how many years will the investment double?

Question

Lowery

Business

20 August, 14:37

If $17,000 is invested at 11 % per year, in approximately how many years will the investment double?

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Emery Blevins · Answer 1

There is a popular rule called the rule of 72 where in you will divide 72 by the interest rate of your investment to know the length of time the value of your money will double. In here, 72 divided by 11 is 6.55 years. Your $17,000 will be $34,000 after approximately 6.55 years.