The rule of 72 says that your money will double when the pro

The rule of 72 says that your money will double when the product of the interest rate and the number of years equals 72, At 6% interest, how many years will it take for $500,000 to be worth $1 million, in years?

Solution

a) 72 / 6 = 12.

It will take 12 years for the amount of $500,000 billion to double at a rate of 6%.

(Rule of 72 is simple just divide the number 72 with the interest rate and the remainder will be the answer for example of the interest rate is 8% then it will take 72/8 Nine years for the amount to double. )