Have you ever thought about how long it will take for you to double your money? Who hasn’t, right! Here is a simple formula called the “Rule of 72.” This formula will help you determine how long it will take you to double your money.
You divide 72 by your interest rate (rate of return) to get the estimated number of years it will take to double your money.
Example: Your interest rate is 4%
72 ÷ 4 = 18 years to double your money
Of course, the higher your interest rate, the quicker your money will double.