The slope of the line is -23
<h3>How to determine the
slope of the
line?</h3>
The line’s equation is given in point-slope form:
y − 6 = (−23)(x + 6)
The line’s equation in point-slope is represented as:
y − y1 = m(x - x1)
Where
m represents the slope
By comparing y − y1 = m(x - x1) and y − 6 = (−23)(x + 6), we have
m = -23
Hence. the slope of the line is -23
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John's effective annual rate is about
(1 +.0576/4)^4 -1 ≈ 5.8856%
According to the "rule of 72", John's money will have doubled in
72/5.8856 = 12.23 years
John's balance will be $4500 in 1989.
_____
Since you're only concerned with the year (not the month), you don't actually need to determine the effective annual rate. The given rate of 5.76% will tell you 72/5.76 = 12.5 years. The actual doubling time is closer to 12.12 years, so using the effective rate gives results that are closer, but "good enough" is good enough in this case.
