What is the rule of 72?
The Rule Of 72 says that if you take the number 72 and divide it by an interest rate, you get the number of years it will take, at that interest rate, for your money to double.
For example:
72 / 10 = 7.2
At an interest rate of 10%, it takes 7.2 years for your money to double.
72 / 7 = 10.3
At an interest rate of 7%, it takes 10.3 years for your money to double.