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13 August, 06:31

How long will it take $500 to double at a simple interest rate of 5%?

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  1. 13 August, 08:29
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    It'll take 24 years for your investment to double.

    If your interest rate is 6%, then 72/6 = 12 years.

    If you're returning 12%, it'll only take 6 years, since 12*6 = 72.
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