Question
How many years will it take to double your money with
yearly compounding if the rate of interest is 12%?Solution
The Rule of 72 is a simplified formula that calculates how long it will take for an investment to double in value (t), based on its rate of return. As per the rule: t ~ 72/rate of interest Here, using the Rule of 72, divide the rate of interest in absolute terms by 72, i.e. 72/12 = 6 years approximately To cross check, if P=100 and r =12% and n=6 A = 100*(1.12)6 = 197.38 which is approximately double the amount of the Principal.
Fungi can grow on which of the following items?
I. Bread
II. Pickles
III. ...
What is the maximum contribution limit under the NPS Vatsalya Scheme introduced by the Government of India?
What term describes the legal obligation of veterinarians to ensure animal welfare?
Pandit Madan Mohan Malviya is credited with popularising the slogan '______'.
Consider the following statement about "New Education for New India" campaign:
1. President of India launched this program in March 2023
2...
What was approved by the Union Cabinet chaired by Prime Minister Shri Narendra Modi regarding the establishment of the International Big Cat Alliance (I...
Kud dance is one of the most popular folk dances of ________________.
- Which of the following organization will create Farmer Distress Index?
The President of India is elected by an electoral college which consists of:
1. Elected members of both the Houses of Parliament i.e. Lok Sabha a...
Article ___________ of the Indian Constitution gives an extensive original jurisdiction to the Supreme Court in regard to enforcement of Fundamental R...
