How to use Rule of 70?

This rule is used to determine the time needed to double any number according to the growth rate. All you have to do is to divide 70 by the growth rate of the number. The result will be the number of years it takes to double.

Explain Rule of 72 in investing?

This rule is used to determine the time needed to double any number according to the annual rate of return. All you have to do is to divide 72 by the annual rate of return. The result will be the number of years it takes to double.

How much time will it take to double my money invested at the compound rate of 5% annually?

According to the compound interest formula, the money will be doubled in 20 years if compounded annually at 5%.

Can you apply Rule of 72 to compound interest?

Fortunately, you can. The rule of 72 can be applied to compound interest. Also, the rule is almost correct for interest rates between 6% and 10%.

What are the ways to double your money?

To double your money, you may have to invest it, reinvest it, use penny stocks, or buying products on margin. Other than this, you can also use the tax-advantaged accounts or retirement account provided by the job providers.