Answer:

You should use compound interest factor . It  is an amazing , & apply  Rule of 72. It  is a simple way for quick estimation for  how long it will take your investment to make  double in size.

For estimating  how long that takes time  with money to make it  double, simply divide  by 72 by the interest rate. This result will show how many years that it will take for  money to make it double at that rate.

Here in this case

,  6% rate of return

Now question is  how long will it take $1,000 to grow into $2,000?

Here’s the equation:

72 / 6 = 12 years

In this case let us assume that ,

if you invest $1,000 in account that earned a flat 6% annual rate of return, after 12 years, your investment would be worth around $2,000.