The Rule of 72
Do you know the Rule of 72 and how it works? The Rule of 72 is an easy way to approximate how long it will take your savings to double. Just divide 72 by the interest rate you earn to determine the number of years it will take your money to double. It shows the way money can grow so much faster with a higher rate of return.*
By using the Rule of 72, you can see why it pays to fight for every extra percentage point of interest you can get. Once you know your rate, use the Rule of 72 to compute how fast YOUR savings will double!
*Investments with higher rates of return may also carry higher risks, including loss of principal and investment gains.