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Suppose you invest $100 at a compound interest rate of 10%. The rule of 72 tells you that your money will double every seven years, approximately: If you graph these points, you start to see the familiar compound interest curve:
In all cases of these problems, you will want to substitute all known information into the I = Prt equation, and then solve for whatever is left. You put $1000 into an investment yielding 6% annual interest; you left the money in for two years. How much interest do you get at the end of those two years? In this case, P = $1000, r = 0.06 (because I have to convert the percent to decimal form), and the time is t = 2.