rule of 72 :rate of intrest(R)×time period or years(T)=72
C)round up to two decimal=4.235%=4.24%
Question Help Use the "Rule of 72" to determine the following (a) The number of years...
Question 2 (0.5 points) Use the Rule of 72 to approximate how many years it will take money to double when growing at an interest rate of 4% per year.
Using the rule of 72, find approximately how many years it takes for $100 to become $200 at an annual interest rate of 4%. Select one: O a. 6 O b. 18 O O c. 12 d. 24 Check
3. The "rule of 72" says to divide 72 by the annual interest rate to estimate the number of years needed for an initial investment earning that rate to double. How long would it take for $5 earning 6% a year to grow to $20? a. 12 years b. 24 years c. 36 years d. 48 years 4. If the tractor costs $124.000 (also the loan amount), and the 8 percent loan will be paid back in 5 equal annual...
Use future value and present value calculations to determine the following (a) The future value of a $400 savings deposit after eight years at an annual interest rate of 3 percent. Use Table 1. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Future value (b) The future value of saving $1,800 a year for five years at an annual interest rate of 4 percent. Use Table 2. (Round time value factor to 3...
Using the Rule of 72, approximately how many years are needed to double a $100 investment when interest rates are 7.50 percent per year? (Round your answer to 2 decimal places.)
please answer all 1. Help the Sampsons determine how much they will have for the children's education by calculating how much $3,600 in annual savings will accumulate to if they earn interest of (a) 2 percent and (b) 5 percent. Next, determine how much $4,800 in annual savings will accumulate to if they earn interest of (a) 2 percent and (b) 5 percent. Savings Accumulated Over the Next 12 Years (Based on Plan to Save $3,600 per Year at 27...
Determine the amount of money in a savings account at the end of 10 years, given an initial deposit of $5,500 and a 12 percent annual interest rate when interest is compounded: (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Future Value a. Annually b. Semiannually c. Quarterly
A-PCs :)" The formula AP14 describes the accumulated value. A of a sum of money. P the principal, after tyears at annual percentage rater (in decimal form) compounded n times a year. Complete the table for a savings account subject to n compounding periods per year Amount Number of Annual Interest Accumulated Timet Invested Compounding Periods Rate Amount in Years $11500 6.75% $72 000 years (Do not round until the final answer. Then round to one decimal place as needed)...
Question 1 A bank features a savings account that has an annual percentage rate of r = 4.5% with interest compounded quarterly. Logan deposits $11,000 into the account. The account balance can be modeled by the exponential formula S(t) = P(1+)", nt Th where S is the future value, P is the present value, r is the annual percentage rate written as a decimal, n is the number of times each year that the interest is compounded, and t is...
You plan to buy the house of your dreams in 18 years. You have estimated that the price of the house will be $115,506 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 4.17 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your...