For an exponential model? double your money in 3 years Use the rule of 70 to estimate the rate.

The Rule of 70 is a quick way to estimate the time it takes for an investment to double based on its growth rate or, conversely, to estimate the growth rate needed to double the investment in a certain amount of time.

To use the Rule of 70:

\[
\text{Rate} (\%) = \frac{70}{\text{Doubling Time (in years)}}
\]

In your case, the doubling time is 3 years.

\[
\text{Rate} (\%) = \frac{70}{3} \approx 23.33\%
\]

So, the estimated rate of growth needed to double your money in 3 years is approximately **23.33% per year**.

Would you like more details or have any other questions?

Here are 5 related questions for deeper exploration:
1. What is the actual formula for continuous compound interest in an exponential growth model?
2. How would you adjust the formula if compounding occurs annually, semi-annually, or quarterly?
3. What would the rate be for doubling your money in 5 years using the Rule of 70?
4. Can the Rule of 70 be used for any growth process, or are there limitations?
5. How accurate is the Rule of 70 for very high or low growth rates?

**Tip:** The Rule of 70 is more accurate for growth rates between 1% and 15%, but less so for extreme rates.

Learn how to use the Rule of 70 to estimate the growth rate required to double your money in 3 years. This exponential growth problem demonstrates the formula Rate (%) = 70 / Doubling Time and explores investment growth concepts. Suitable for students in Grades 10-12.

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