Today we are telling you a special method.
This gives you an idea.
After all, in how many days your money will double.
New Delhi. Whenever someone thinks of investing his money somewhere, the first thing that comes to his mind is how much return he will get or in how many days his money will double. By the way, doubling your money depends on how long you invest and how much interest or return you get on it. But with the trick we will tell today, you can find out about your current investment even today, in what time this money will double.
Based on a small and simple rule, it can be estimated that in what time the current investment will double. It is also called Rule of 72. This rule gives an approximate idea of doubling the money. So let’s know what is this rule after all.
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What is Rule 72
Rule 72 is a very simple formula, which is known to very few people. Under this rule, you divide the interest you are getting on your investment by ’72’. This gives you an idea that in how many days your money will double. Rule of 72 gives an approximate idea.
In how many days FD money will double
Suppose you have made a Fixed Deposit in a bank at an interest rate of 6.25 per cent per annum. In this case, it will take about 11 years for your money to double. Now you will say that how did it come to know that it will take 11 years. For this understand this short and very simple math. For this, you will have to divide the interest rate available in 72 ie 6.25. The dividend yield will come in 11.52 years.
how much to invest
How much do you need to invest if you want to double your money? Now by making minor changes in this formula, you can also find out. How much you have to invest in a fixed time that your money will double. Now let’s know this too. If you want to double your money in 3 years, then you should get a return of about 21 to 24 percent (72/3 years) every year, only then your money will double. Similarly, if you want to double your money in 5 years, then for this you should get interest at the rate of at least 14.4 percent (72/5) every year. If the money is to be doubled in 10 years, then interest should be received at the rate of about 7.2 per cent every year.
Tags: Bank FD, FD Rates, Fixed deposits, Here you can get good interest on FD
FIRST PUBLISHED : June 06, 2023