Question

Jill invested $500 in an account with a compound interest rate of 6%. cheryl invests $600 in an account with a compound interest rate of 4%.find out in how many years each doubles her money. using the rule of 72, t = startfraction 72 over r endfraction, what is the difference in the number of years to double their money?

Answer 1

The time taken by Jill and Cheryl to double their money is 12 years and 18 years respectively.

What is Algebra?

Algebra is the study of mathematical symbols and the rule involves manipulating these mathematical symbols.

Jill invested $500 in an account with a compound interest rate of 6%.

Cheryl invests $600 in an account with a compound interest rate of 4%.

The number of years each doubles their money. Using the relation of 72.

$\rm t = \dfrac{72}{r}$

where r is the interest rate and t be the time

The time for the Jill will be

$\rm t = \dfrac{72}{6}\\\\t = 12$

The time for the Cheryl will be

$\rm t = \dfrac{72}{4}\\\\t = 18$

More about the Algebra link is given below.

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