Saturday, March 2nd, 2024

Apply this formula on your investment, you will know immediately when your money will double, in how many days 4 lakhs will become 8 lakhs


Highlights:

When will your savings double?
A common rule of its calculation is quite prevalent.
Let us know its formula.

New Delhi. Whenever you deposit money, you should know how much your money will increase in how many days. Everyone wants to know before investing that by when his/her money will double or triple. But due to lack of knowledge of some easy rules, people are not able to do this small work.

In such a situation, it is important that you note these rules. Today we are telling you some such easy rules, through which you can know that in how many years your investment can be doubled or tripled.

In how many years money will double
What is Rule 72: A common rule of calculating when your savings will double is quite popular. This is rule 72. It is widely used in finance. Through Rule 72, you can know in what time your investment money will double. Let us know its formula.

Read This Also:: HDFC Bank is giving more interest on FD, will get up to 7.15% return, maturity period 15 months to 2 years

Example: Suppose you have invested in any scheme of SBI and here you are getting interest of 7% per annum on that investment. In this case, you have to divide 72 by 7 under Rule 72. 72/7 = 10.28 years, that is, in this scheme your money will double in 10.28 years.

In how many years money will triple
Rule 114: You can know through Rule 114 that in how many years your money can triple. For this, you have to divide 114 by the interest rate.

Example: If the scheme in which you have invested. It is getting 8 percent annual interest rate, then 114 will have to be divided by 8. 114/8 = 14.25 years, which means your money will triple in 14.28 years in this scheme.

Read This Also:: LIC and post office schemes are very much liked by the people, you also want to invest, then know which one is the best

In how many years money will be four times
Rule 144: Rule 144 tells that in what time your money will be quadrupled.

Example: If you have invested at an annual interest rate of 8 percent, then in 18 years your money will quadruple. 144/8 = 18 years.

Tags: business news in hindi, invest money, investment plan, investment tips

Source Link

Whatsapp GroupJoin
Telegram channelJoin

Restlessness increased in the market before Budget 2023! What is the fear of FPIs? 17,000 crore withdrawn so far in January

Highlights: Foreign investors pulled money out of India and turned to China and other emerging markets. FPIs are focusing on China since the markets reopened after the lockdown. Foreign portfolio investors have bought in...

The country’s cheapest electric car will be launched on November 16, know all the features from the price of the car

Photo:FILE Electric Car EaS-E if you So far, electric cars are not able to buy due to the expensive price, so now there is no need to be disappointed. The country’s cheapest electric car...

MCLR Hike: Shock to the customers of Bank of Baroda, taking loan has become expensive, know from when the new rates will be applicable

New Delhi. On February 8, the Reserve Bank of India announced an increase in the repo rate by 0.25 percent. After increasing the repo rate, banks have started increasing the Marginal Cost Based Lending...