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Rule of 72
There's a simple little math trick that will tell you how long it will take to double the money you've invested. It's known as the "Rule of 72" and here's how it works: simply divide 72 by the interest rate you earn on your investment and the answer will tell you how many years it will take to double the value! For example: $100 invested that earns 6% a year will be worth twice as much in 12 years. 72 / 6 = 12
72 / interest rate = number of years
Interest rate (typically 8%)  %
Years your money needs to be invested to double its value
Now let's say you know want to invest for 12 years and now you want to find out the rate of return you need in order to double your money. Simply divide 72 by the number of years to get the interest or growth rate: 72 / 12 = 6%
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Pam Krueger is the host of MoneyTrack on PBS