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| Topic: |
Science
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| Number of pages / Number of words: |
5 / 1144 |
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An approximation of the "doubling time" formula used in population growth, which says divide 70 by the percent growth rate (the actual number is 69.3147181 from the natural logarithm of 2, if the percent growth is much much less than 1%). In terms of money, it is frequently easier to use 72 (rather than 70) because it works better in the 4%-10% range where interest rates often lie...
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In terms of money, it is frequently easier to use 72 (rather than 70) because it works better in the 4%-10% range where interest rates often lie. Therefore, divide 72 by the percent interest rate to determine the approximate amount of time to double your money in an investment. For example, at 8% interest, your money will double in approximately 9 years (72/8 = 9)...
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General points of the essay
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