Financial Literacy ?
How do I get this answers?
Use the rule of 72 to estimate what interest rate is needed to double $5000 in 5 years. Is this a realistic scenario?
- 2 months ago
The rule of 72 provides a reasonable estimate for low interest rates. We are in the era of very low interest rates. I couldn't imagine doubling my investment in 5 years on just the current interest rates. There is a good table on the site below.