assume the initial value of an investment is $1,000 and the growth rate is 8%. using the rule of 70, how many years will it take for the initial value to double? please choose the correct answer from the following choices, and then select the submit answer button. answer choices 8 years about 8.75 years 875 years 1 year

The rule of 70 is a method for calculating how many years it will take for someone's investment or money to double. The rule of 70 is a computation used to estimate how many years it could take to double an investment at a certain rate of return.
The time it will take for your investment to double is calculated by dividing your growth rate by 70. Divide 70 by three, for instance, if your mutual fund has a three percent growth rate. As a result, the doubling time is 23.33 years since 70 times three equals 23.33.
The mathematics of compounding are what led to the rule of 70. According to mathematics, a sum that has increased by rate r after t periods is equal to the sum at the beginning multiplied by the exponential of the growth rate r times the number of periods t.

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