The conversation between human and AI assistant.
A invested $1000 at compounded annual interestrate.at the end of 12 yrs, the total amount will be $4000.in how many yrs will the total amount be $8000?
That's very helpful, thank you! Do you know if there's any shortcut to calculate the number of years it takes to double your money at a given annual interest rate?
Yes, there is a rule of thumb called the rule of 72. To estimate how long it takes to double your money at a certain interest rate, you divide 72 by the interest rate (expressed as a percentage), and that gives you the number of years it takes. For example, if the interest rate is 8%, it would take approximately 72/8 = 9 years to double your money. It's not an exact calculation, but it's a good approximation.