Question

Brenda invested 11,000 into a fund that is expected to grow by 4.75% per year how long will it take the fund to b worth 22000

Answer 1

Answer:

15.16 years (about 1 year and 3 months)

Explanation:

The "Rule of 72" is a way to estimate how long it will take an investment to double (in this case from $11,000 to $22,000). To calculate, simply divide 72 by the fixed interest rate to find number of years:

72/4.75 = 15.16 years (rounded)

Answer 2

The answer to your question is (about 15 year)