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dsp73
2 years ago
9

Sally’s parents deposited $15,000 into a college savings account on her third birthday. The account had an interest rate of 9.6%

compounded annually. They were hoping that the money would double twice by the time she was 18 years old. Using the rule of 72, will their hopes come true? Yes, the $15,000 will double each 7.5 years. In 15 years, it will double twice. Yes, the $15,000 will double in 7.5 years and be four times as much in 15 years. No, the $15,000 will only double once in 15 years, not double twice. No, it will take 30 years for the $15,000 to double twice.
Business
2 answers:
kozerog [31]2 years ago
7 0

Answer:

The correct option is yes,the $15,000 will double each 7.5 years.In 15 years ,it will double twice.

Explanation:

The 72 rule stipulates that the number of years it would take an investment to achieve accumulate a certain amount- future value, can be computed by dividing 72 by the interest rate earns by the investment

N, the number of years=72/9.6

                                      =7.5 years

Invariably,in 7.5 years' when Sally would have been 10.5 years(3 years now+7.5 years) the investment would have doubled.

By another 7.5 years when Sally would have been 18 years(10.5 years +7.5 years), the investment would have doubled twice.

The 72 rule is fast-track approach to calculating the duration of an investment.

SVETLANKA909090 [29]2 years ago
6 0

Answer:

Yes, the $15,000 will double each 7.5 years. In 15 years, it will double twice.

Explanation:

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3 years ago
Which of the following sentences apply correct number style?
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Answer:

The sentence that applies the correct number style is:

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3 years ago
John buys a $1,000 bond that pays 6% annual interest at 75. what is john's annual yield?
lina2011 [118]

To calculate the current yield of bonds.

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5 0
2 years ago
. The organizers of a conference in the Houston Convention Center are evaluating the possibility of setting up a computer area w
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Therefore, the 2.78 can be rounded off to next whole number 3 computers

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