A sum of money doubles itself in 7 years. In how many years it becomes (2024)

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A sum of money doubles itself in 7 years. In how many years it becomes[#permalink]11 Apr 2019, 06:44

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FAQs

A sum of money doubles itself in 7 years. In how many years it becomes? ›

nm97 wrote: A sum of money doubles itself in 7 years. In how many years it becomes four fold? If the initial amount of money is x dollars, then 7 years later, it will be 2x dollars, and in another 7 years, it will be 4x dollars. Thus, it takes 14 years to quadruple the initial amount money.

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How many years does a sum of money doubles itself in 7 years? ›

The correct Answer is:21

Step by step video, text & image solution for A sum of money doubles itself in 7 years.

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How many years does it take to double your money at 7%? ›

Why it Pays to Know the Math

Rate of Return	Rule of 72 # of Years to Double Money	Logarithmic Formula # of Years to Double Money
5%	14.4	14.2
6%	12.0	11.9
7%	10.3	10.2
8%	9.0	9.0

15 more rows

Sep 14, 2023

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What is the rule for money doubles every 7 years? ›

To use the Rule of 72, divide the number 72 by an investment's expected annual return. The result is the number of years it will take, roughly, to double your money.

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How do you calculate years to double money? ›

The Rule of 72 is a calculation that estimates the number of years it takes to double your money at a specified rate of return. If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double. In this case, 18 years.

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How can money double in 7 years? ›

All you do is divide 72 by the fixed rate of return to get the number of years it will take for your initial investment to double. You would need to earn 10% per year to double your money in a little over seven years.

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At what rate will 100 double itself in 7 years? ›

Here, the principal sum doubles itself in 7 years. The rate of interest is 14.28%.

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Is the Rule of 72 accurate? ›

The Rule of 72 is a simplified formula that calculates how long it'll take for an investment to double in value, based on its rate of return. The Rule of 72 applies to compounded interest rates and is reasonably accurate for interest rates that fall in the range of 6% and 10%.

Why is 72 in the Rule of 72? ›

The value 72 is a convenient choice of numerator, since it has many small divisors: 1, 2, 3, 4, 6, 8, 9, and 12. It provides a good approximation for annual compounding, and for compounding at typical rates (from 6% to 10%); the approximations are less accurate at higher interest rates.

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What is the 7 rule in stocks? ›

The rule states that a company's stock price should either be seven times its earnings before interest, taxes, depreciation, and amortization (EBITDA) or 10 times its operating earnings per share. To apply the 7/10 rule, first determine the company's operating earnings per share or EBITDA.

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Do 401k double every 7 years? ›

One of those tools is known as the Rule 72. For example, let's say you have saved $50,000 and your 401(k) holdings historically has a rate of return of 8%. 72 divided by 8 equals 9 years until your investment is estimated to double to $100,000.

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What is a money double itself in 8 years? ›

⇒R=100T=1008=12.5%

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How many years will a sum of money double at 12%? ›

HenceTime=x×100x×12=8Years4months.

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Will my money double in 10 years? ›

If you earn 7%, your money will double in a little over 10 years. You can also use the Rule of 72 to plug in interest rates from credit card debt, a car loan, home mortgage, or student loan to figure out how many years it'll take your money to double for someone else.

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How long will it take to double $1000 at 6 interest? ›

So, if the interest rate is 6%, you would divide 72 by 6 to get 12. This means that the investment will take about 12 years to double with a 6% fixed annual interest rate. This calculator flips the 72 rule and shows what interest rate you would need to double your investment in a set number of years.

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How many years will a sum of money double at 5? ›

The time required for a sum of money to double at 5% annum compounded continuously is (in years) 13.9.

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Does money double in 10 years? ›

For example, the Rule of 72 states that $1 invested at an annual fixed interest rate of 10% would take 7.2 years ((72 ÷ 10) = 7.2) to grow to $2. In reality, a 10% investment will take 7.3 years to double (1.10^7.3 = 2). The Rule of 72 is reasonably accurate for low rates of return.