Using the Rule of 72, approximately how long will it take to double your $1,000 if...

Question

Question

Answer 1

Answer #1

Solution:

Rule of 72 says that simply divide 72 by annual interest rate to know time in which money will double.

here:72/7= 10.28

Since it is being said in question to round off so time will be 10 years

Answer 2

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