Question

Using the Rule of 70, what approximate interest rate would be needed for an investment of $14,000 to double by the end of 32 years?

Answer 1

The approximate interest rate needed for an investment of $14,000 to double by the end of 32 years is; 3.125%

Interest rate

From. the task content, it follows that;

• Interest = $14000

• Principal = $14000

• and Time = 32 years.

From simple interest Formula;

• 14000 = 14000 × R × 32

• R = 1/32

R = 0.03125

When expressed as a percentage, the interest rate is;

• R = 3.125%

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