The rule of 72 is a handy shortcut for quickly estimating how fast your money will grow. Review the information about the Rule of 72 in the Personal Financial Readiness reading and answer the questions below.

If you invest $100 at 5%, how many years will it take to double your money (to $200)? (Enter your answer as a number rounded to 1 decimal, e.g., 5.5)

If you invest $100 for 8 years, what annual rate of return would you need to achieve to make it double to $200 over that time? (Enter your answer as a whole percentage, i.e., 4%)