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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:
You can calculate an equivalent annual rate of return on your investment by calculating how 3.0 percent every six months translates to an annual rate. Use (1+i/n)^n - 1, where i is the bond return and n is your coupon frequency (2 for semiannual, 12 for monthly). So your 3.0 percent interest every six months translates to an annual rate of return of 1.03^2 - 1, or 6.09 percent.