What compound rate is necessary for the money to double

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There is a rule of thumb which can be used as an approximation called the Rule of 72 to find interest or period of time, given the other quantity, and it is given as ni=72.If $1 is invested for 10 years, what compound rate is necessary for the money to double?

How long does it take for the money to double at 12%?

Reference no: EM13809193

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