Stuart put $99 into a CD that pays 2.6% interest, compounded monthly. According to the Rule of 72, approximately how long will i
2 answers:
Answer: 27 years (approx)
Step-by-step explanation:
According to the Rule of 72,
If the product of interest rate and time is equal to 72, the amount will be doubled.
According to the question,
The annual rate = 2.6%
Let after t years the amount will be doubled.
Thus, 2.6 × t = 72
Since, the actual time will always less than the time gets by the 72 rule.
Thus, Approx 27 year after the amount will be doubled.
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