To determine how many years it takes for your deposit to double with a 2% interest rate compounded monthly, you can use the rule of 72. Divide 72 by the interest rate (in this case, 2%).
72 / 2 = 36
Now since your interest rate is monthly you divide this by 12 since there are 12 months in a year
36/12 = 3
(The rule of 72 is a quick formula to estimate the number of years it takes for an investment to double in value. You divide 72 by the annual interest rate to get an approximate doubling time.)
