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? ›

CONCEPT: Simple interest concept. Now, we want the money to be quadruple i.e. 4 times. ∴ The money will quadruple itself in 21 years.

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What is the interest rate for double in 7 years? ›

1 At 10%, you could double your initial investment every seven years (72 divided by 10). In a less-risky investment such as bonds, which have averaged a return of about 5% to 6% over the same period, you could expect to double your money in about 12 years (72 divided by 6).

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What is a money double itself in 8 years? ›

⇒ R = 100/8 = 12.5% per annum.

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What is a sum of money which doubles itself in 10 years? ›

Let the Principal be 100. Rate = 100/10 = 10%. ∴ The rate of interest is 10%. ∴ The rate of interest is 10%.

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What is the 7 year rule for doubling money? ›

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

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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Is it true that investments double every 7 years? ›

How the Rule of 72 Works. 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.

How many years does it take to double a $100 investment when interest rates are 7 percent per year? ›

It will take a bit over 10 years to double your money at 7% APR. So 72 / 7 = 10.29 years to double the investment.

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What is the formula for doubling money? ›

Do you know the Rule of 72? It's an easy way to calculate just how long it's going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.

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How many years will sum of money doubles itself at 12? ›

HenceTime=x×100x×12=8Years4months.

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How many years does it take to double your money at 8%? ›

For example, if an investment scheme promises an 8% annual compounded rate of return, it will take approximately nine years (72 / 8 = 9) to double the invested money. Note that a compound annual return of 8% is plugged into this equation as 8, and not 0.08, giving a result of nine years (and not 900).

Will my money double in 10 years? ›

The Rule of 72 is focused on compounding interest that compounds annually. For simple interest, you'd simply divide 1 by the interest rate expressed as a decimal. If you had $100 with a 10 percent simple interest rate with no compounding, you'd divide 1 by 0.1, yielding a doubling rate of 10 years.

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What is a certain sum doubles itself in 7 years? ›

But the sum of money doubles itself in 7 years! Hence, if we have 2x after 7 years, we'll get its double after the same amount of time (4x at t = 14).

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

So, the time required is 20 years.

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When a sum of money doubles itself in 14 years? ›

According to the question, the principal amount will double in 14 years. Hence, the rate of compound interest per annum at which the sum of money will double in 14 years is 5%.

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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 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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