Got $2,000? 2 Top Growth Stocks to Buy That Could Double Your Money.

Whether you've got $2,000 or $200 or $20,000 to invest, there are many promising stocks out there that could double your money. Of course, just about any growing stock could double your money given enough time. For example, if you make a single $2,000 investment and it grows at just 1% annually, you'll double your money in just 70 years!

You probably would like faster results, right? Well, know that you'd double your money in just about seven years if it grew at 7% annually. And you could see your nest egg grow even more powerfully if you keep adding to it in most or all years.

Image source: Getty Images.

Here are two growth stocks that may help you double your money in relatively short order.

1. Micron Technology

Micron Technology (NASDAQ: MU) is a giant semiconductor company that specializes in memory and storage chips, and it has been a phenomenal stock performer, averaging annual gains of nearly 45% over the past decade -- and surging more than 300% over the past year. What's going on? Well, it's in a cyclical industry -- and it's also supplying memory used in artificial intelligence (AI), which has been growing by leaps and bounds.

Micron's business has been booming, with second-quarter revenue tripling year over year because of strong demand, and profit margins surging, too. The company isn't risk-free, though, because it has been investing many billions to expand its capacity. That move could pay off well if demand continued to be robust. But if it flags, Micron's profitability could suffer.

The stock is still well worth considering, especially since Micron's shares don't seem overvalued at recent levels, with a recent forward-looking price-to-earnings (P/E) ratio of 12.0 just a bit above the five-year average of 11.4. If you invest, say, $2,000 and it grows at 12% annually, you could double your money in six years.

2. S&P Global

Another compelling growth stock is S&P Global (NYSE: SPGI), which has averaged annual returns of 16.6% over the past decade. It encompasses multiple finance-related businesses, such as its credit rating service (the largest in the world) and market intelligence. You've probably heard of the S&P 500 index -- which belongs to S&P Global.

The stock is down some 18% in recent months because of weaker-than-expected projections from management, but its businesses and their promise remain intact. The company is spinning off its Mobility segment, led by CarFax, which will generate funds that S&P Global can use to further its growth and which will also leave it more focused on its financial businesses.

S&P Global's stock is quite attractively priced at recent levels, with a forward P/E of 22 well below the five-year average of 29. It's a dividend payer, too, with a recent yield of 0.91%. Don't discount that yield, as it's higher than that of the S&P 500 index and it's growing. The recent total annual dividend of $3.88 is up from $2.68 in 2020 and $1.44 in 2016.

So give these stocks some consideration for your long-term portfolio, and know that there are other great growth stocks out there as well.

Selena Maranjian has positions in Micron Technology. The Motley Fool has positions in and recommends Micron Technology and S&P Global. The Motley Fool has a disclosure policy.