When will your savings double?
A common rule of their calculation is quite frequent.
Let us know your formula.
New Delhi. Whenever you deposit money, you should know how much your money will grow in how many days. Everyone wants to know before they invest when their money will double or triple. But due to lack of knowledge of some easy rules, people are unable to do this little job.
In such a situation, it is important that you keep these rules in mind. Today we are going to tell you about such simple rules, through which you can know in how many years your investment can be doubled or tripled.
In how many years will the money double?
What is Rule 72? A common rule of thumb for calculating when your savings will double is quite popular. This is rule 72. It is widely used in finance. Through Rule 72, you can know in what time your investment money will double. Let us know your formula.
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Example – Suppose you have invested in any SBI scheme and here you are earning 7% annual interest on that investment. In this case, you have to divide 72 by 7 according to Rule 72. 72/7 = 10.28 years, that is, in this scheme your money will double in 10.28 years.
In how many years will money triple?
Rule 114: You can find out from Rule 114 that in how many years your money can triple. For this, you have to divide 114 by the interest rate.
Example: If the regime in which you have invested. You get an annual interest rate of 8 percent, so 114 will have to be divided by 8. 114/8= 14.25 years, that means your money will triple in 14.28 years in this scheme.
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In how many years will money be four times
Rule 144: Rule 144 says that in what time will your money quadruple.
Example: if you have invested at an annual interest rate of 8 percent, in 18 years your money will quadruple. 144/8 = 18 years.
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Tags: business news in hindi, Invest money, investment scheme, investment advice
FIRST POSTED: Feb 19, 2023 07:37 IST