If you deposited money in a savings account that paid 1% interest, approximately how long would it take your money to double?
a. 72 years
b. 36 years
c. 18 years
d. 2 years
e. It is impossible to determine with the information given.
Answer: A Explanation: The rule of 72 dictates that in order to find the money invested to double you will need to do the following: You would get 72 and divide it by 1 (1 is the percentage in this formula) and the answer would be 72.
