How can I double my money every 3 years?

How can I double my money every 3 years?

Here are some options to double your money:

  1. Tax-free Bonds. Initially tax- free bonds were issued only in specific periods.
  2. Kisan Vikas Patra (KVP)
  3. Corporate Deposits/Non-Convertible Debentures (NCD)
  4. National Savings Certificates.
  5. Bank Fixed Deposits.
  6. Public Provident Fund (PPF)
  7. Mutual Funds (MFs)
  8. Gold ETFs.

What percentage do you need to double in 3 years?

between 21% to 24%
If you want to double your money in three years, your investments should earn between 21% to 24% (72/3 years) every year. Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5).

How often should you double your money?

How To Use the Rule of 72 To Estimate Returns. Let’s say you have an investment balance of $100,000, and you want to know how long it will take to get it to $200,000 without adding any more funds. With an estimated annual return of 7%, you’d divide 72 by 7 to see that your investment will double every 10.29 years.

Is the Rule of 72 accurate?

The Rule of 72 applies to compounded interest rates and is reasonably accurate for interest rates that fall in the range of 6% and 10%. The Rule of 72 can be applied to anything that increases exponentially, such as GDP or inflation; it can also indicate the long-term effect of annual fees on an investment’s growth.

Can you double your money every 7 years?

The most basic example of the Rule of 72 is one we can do without a calculator: Given a 10% annual rate of return, how long will it take for your money to double? Take 72 and divide it by 10 and you get 7.2. This means, at a 10% fixed annual rate of return, your money doubles every 7 years.

How long will it take to Double Your Money?

If your money is in a savings account earning three percent a year, it will take 24 years to double your money (72 / 3 = 24).

What is the best way to Double Your Money?

Equity index funds, bonds, and taking advantage of retirement accounts are three great ways to double your money. Just remember that all three of these tactics hinge upon creating and maintaining a strong budget. Create a budget that guides where your dollars will go every month.

How do I double my money?

The rule of 72 states that the time it takes to double your money is calculated by dividing the number 72 by the expected rate of return. Rates of return are expressed as a percentage, like 10 percent. To apply the rule of 72, use a whole number instead of a percentage.

How do you Double Your Money?

The Rule of 72 . The Rule of 72 shows you how quickly you’ll double your money. All you have to do is divide 72 by the interest rate it’s earning. This is the number of years it will take for your money to double. For example, if your money is earning an 8 percent interest rate, you’ll double your money in 9 years (72 divided by 8 equals 9).

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