Time value of money

In how many years will a sum of money doubles at 5% p.a. compound interest ?

Answers (4)

You can use approximation tool - Rule of 71. 71/5 = approx 14.2

How those rules are coming in FM In IPCC study materials they gave rule-72 In some MBA books I saw Rule-69 You use here 71 Pls tell ,What's the logic behind this compounding?

How those rules are coming in FM In IPCC study materials they gave rule-72 In some MBA books I saw Rule-69 You use here 71 Pls tell ,What's the logic behind this compounding?

It is an approximation tool and is not actual. The logic is it takes ~ 70 years for a sum to double @1%.