Suppose that $1000 is deposited in an account.
a. Complete column B to show how long it will take until the initial deposit is doubled for various interest rates. (Give the year after which the amount in the account is closest to $2000.)
b. Complete column C by finding the product of the values in column A and column B for each row.
COLUMN A % INTEREST RATE | COLUMN B NUMBER OF YEARS TO DOUBLE | COLUMN C COLUMN A× COLUMN B |
4 |
|
|
6 |
|
|
8 |
|
|
9 |
|
|
c. Based on your results, what might the rule of 72 say?
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