How many years will it take for your investment to be worth

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Practice with the rule of 70: If you inherit $10,000 this year and you invest your money so that it grows 7% per year, how many years will it take for your investment to be worth $20,000? $40,000? $160,000?

(Note: Investments in stocks have grown at an average inflation-adjusted rate of 7% per year since the U.S. Civil War. We'll practice this some more in Chapter 28.)

Value today: $10,000.

Growth rate: 7% Number of years until money doubles: __________

Number of years until money quadruples: ___________

Number of years until your inheritance is 16X larger:__________.

Reference no: EM131832614

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