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lawyer [7]
3 years ago
9

On January 1, 1980, Moises deposited $1850 into a savings account paying 5.6% interest, compounded quarterly. If he hasn't made

any additional deposits or withdrawls since then, and if the interest rate stayed the same, in what year did his balance hit $3700, according to the rule of 72?
Computers and Technology
2 answers:
kondaur [170]3 years ago
8 0
The rule of 72 says that if you divide 72 by the interest rate the result is the number of years it takes to double your money.

72/5.6 = 12.86 years. to double your money from $1850 to $3700 it would take 12.86 years, which means you will have $3700 near the end of 1992.
CaHeK987 [17]3 years ago
5 0

Answer:

1992

Explanation:

a.p.e.x

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2 years ago
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