72

Today one of the customers at the bank taught me a math formula. The "Rule of 72". Have you heard of it? I never had..but actually, it seems to be a very useful formula. It is used for finding the amount of time it will take to double your money, depending on the going interest rate (for the scenario to work, the interest rate must remain consistent throughout the entirety of the process)

Amount of years it will take to double your money = 72/(% of interest).

Example: A deposit of $1,000 with 3% interest, will take 24 years = 72/3.

Why don't they teach this in schools?!