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Question Help Use the Rule of 72 to determine the following (a) The number of years it takes to accumulate $13,000 in a savings account when P-36,500 and i 9% per year (b) The number of years it takes to accumulate $26,000 in a savings account when P-36.500 and i-9% per year. (c) The average annual interest rate. i required to double an initial investment P in 17 years. (a) The number of years it takes is B (Round to one decimal place) (b) The number of years it takes is 16 (Round to one decimal place) (c) The average annual interest rate is(4.16% (Round to two decimal places)

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Answer #1

1a Tine o Years , th -h, double 8 yeaA Dun23/.rule of 72 :rate of intrest(R)×time period or years(T)=72

C)round up to two decimal=4.235%=4.24%

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