On January 1, 1970, Los deposited $1950 into a savings account paying 6.6% interest, compounded semiannually. If she hasn't made

Question

3 years ago

14

On January 1, 1970, Los deposited $1950 into a savings account paying 6.6% interest, compounded semiannually. If she hasn't made

any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did her balance hit $3900, according to the rule of 72?

Mathematics

2 answers:

Xelga [282] · Answer 1 · 2022-08-26T19:16:39+03:00

Xelga [282]3 years ago

8 0

Answer: 1980

Step-by-step explanation:

rewona [7] · Answer 2 · 2022-08-26T17:44:08+03:00

rewona [7]3 years ago

5 0

T=72÷r
T=72÷6.6
T=10.9 years round your answer to get 11 years

The balance hits 3900 in
1,970+11 years=1,981