Approximately how long will it take to double your money if you get an annual return of 3.3%, 6.4%, or 10.2% on your investment? Approximately how long will it take to double your money if you get a 3.3% annual return on your investment? __ years (Round to two decimal places.) Approximately how long will it take to double your money if you get a 6.4% annual return on your investment? __ years (Round to two decimal places.) Approximately how long will it take to double your money if you get a 10.2% annual return on your investment? __ years (Round to two decimal places.)
Approximately how long will it take to double your money if you get an annual return of 3.3%, 6.4%, or 10.2% on your investment? Approximately how long will it take to double your money if you get a 3.3% annual return on your investment? __ years (Round to two decimal places.) Approximately how long will it take to double your money if you get a 6.4% annual return on your investment? __ years (Round to two decimal places.) Approximately how long will it take to double your money if you get a 10.2% annual return on your investment? __ years (Round to two decimal places.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Double your
money—Rule
of
72.
Approximately how long will it take to double your money if you get an annual return of
3.3%,
6.4%,
or
10.2%
on your investment? Approximately how long will it take to double your money if you get a
return on your investment ?
3.3%
annual Approximately how long will it take to double your money if you get a
6.4%
annual return on your investment?Approximately how long will it take to double your money if you get a
10.2%
annual return on your investment?Expert Solution
Step 1
Time for Investment double = 72/ rate of return
Step 2
If you got 3.3% Annual Return on your investment
Time for Investment double = 72/ 3.3
Time for Investment double = 21.82 years
If you got 6.40% Annual Return on your investment
Time for Investment double = 72/ 6.40
Time for Investment double = 11.25 years
If you got 10.20% Annual Return on your investment
Time for Investment double = 72/ 10.20
Time for Investment double = 7.06 years
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