The Rule of 72
The Rule of 72 is a simple formula/method used to determine how long an investment/your money will take to double, given a fixed annual rate of interest. The formula can also be used to determine what interest rate you need to double your money in "X" amount of years.
This no prep, simple worksheet goes over what The Rule of 72 is, how to use it when the interest rate is known, and how to use it when the number of years is known. Students will be using the Power of 72 calculator from themint.org website to calculate number of years money will take to double for different interest rates provided and interest rates needed to double money in different number of years provided. This is a fun activity to teach students about this powerful formula without them having to go crazy doing the math themselves, etc.
This is a great activity for students to do in a Personal Finance or Business/Consumer Math course, etc. It is quick and easy and great for a mini lesson on The Rule of 72.
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