How long does it take to triple your money at 8% interest?
At 8% annual interest, compounded annually, it takes about 14.27 years to triple your money.
How is this calculated?
This uses the compound interest formula solved for time: years = ln(multiple) / (n × ln(1 + rate/n)), where n is the compounding frequency. At 12% annual compounding, for example, money roughly doubles in about 6 years, following the well-known "Rule of 72" approximation (72 ÷ rate).