Seventy-two, and the logarithm behind it
Doubling asks a different kind of question: not how much, but how long. The unknown moves into the exponent, and the only tool that reaches it is a logarithm. Set in the growth relation and solve: — t equals log of A over P, over log of one plus r, where is the final amount, the starting amount, the rate per period as a decimal, and the number of periods. Any log base works, as long as both logs use the same one.
The mental version is the rule of 72: , where is the rate written as a percent — 6, not 0.06 — and is the number of periods to double. At 6% it says 12 years; the honest solve says 11.9. It is an approximation with a good excuse: , and 69.3 is a miserable number to divide by, while 72 divides cleanly by 2, 3, 4, 6, 8, 9 and 12. The rounding error runs the right way for the rates people actually meet.
A third phrasing skips the rate entirely: , where is the starting amount, is the doubling time, is the elapsed time in the same units, and is the amount at the end. The exponent is nothing but a count of doublings.