We appreciate your visit to Stuart put 99 into a CD that pays 2 6 interest According to the Rule of 72 approximately how long will it take for his. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The Rule of 72 estimates the number of years it takes for an investment to double by the formula
[tex]$$
\text{Time to double} = \frac{72}{\text{Interest Rate in Percent}}.
$$[/tex]
Given an interest rate of [tex]$2.6\%$[/tex], we have
[tex]$$
\text{Time to double} = \frac{72}{2.6} \approx 27.7 \text{ years}.
$$[/tex]
Thus, it will take approximately [tex]$27.7$[/tex] years for the money to double. The correct answer is B.
[tex]$$
\text{Time to double} = \frac{72}{\text{Interest Rate in Percent}}.
$$[/tex]
Given an interest rate of [tex]$2.6\%$[/tex], we have
[tex]$$
\text{Time to double} = \frac{72}{2.6} \approx 27.7 \text{ years}.
$$[/tex]
Thus, it will take approximately [tex]$27.7$[/tex] years for the money to double. The correct answer is B.
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