Using TVM on the financial calculator and the Rule of 72s, how long will it take a $10,000 investment to double if the interest rate is 6.0%? Assume annual TVM compounding.
Using the calculator: 11.9 Years (is this correct?)
Using Rule of 72s: Divide interest rate into 72 72/6=
What if the TVM compounding is on a monthly basis? Would your answer be the same? Explain by showing calculations below