Answer:
It will take 8.8 years to double the investment given an interest rate of 8.8% annually.
Explanation:
Giving the following information:
Interest rate= 8.8%
The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. We will use the following formula:
Number of Years to Double= 70/Annual Rate of Return
Number of Years to Double= 70/8.8
Number of Years to Double= 7.95
It will take 8.8 years to double the investment given an interest rate of 8.8% annually.
