Use the Rule of 72 to Estimate How Long it Takes Your Money to Double

Have you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to get an answer, but it doesn't have to be that hard. You can simply use the Rule of 72. This quick calculation will tell you how many years it will take your money to double based on a particular interest rate.

Of course, there are plenty of variables that affect how money grows in reality, but this quick calculation can be helpful when you want to have a rough idea, or are comparing two different investments or interest rates. Learn how you can use the Rule of 72 to estimate your returns.