Spring Forward… Money Management Tips – Day 18

An easy way to see how long it will take for your savings to double is called the “Rule of 72.”  The formula doing a calculation is: 72 divided by the interest rate equals the number of years it will take for your money to double.  For example, at an average annual return of 7%, a sum of money will double in about 10 years.  Learn more about saving and investing: http://bit.ly/fWpOBu.

For more information or to comment on this blog, contact:

  • deborah.killam@maine.edu