Financial Conduct Authority issues scam warning to over-55s

Gary Adams

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Using the rule of 72, which states that if you divide said number by a given interest rate you’ll see how long it takes to double your money, we see that in 2008, when the Bank of England set rates at 4.5%, it would have taken 16 years.

Using the rule of 72, which states that if you divide said number by a given interest rate you’ll see how long it takes to double your money, we see that in 2008, when the Bank of England set rates at 4.5%, it would have taken 16 years. But with the BoE rate at 0.5%, where it has been for the past 7 years, it would take you 144 years.

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Source Moneywise http://ift.tt/25ljV0k