Using the rule of 72,= , how long will it take for the principal to double with an annual compound interest rate of 6%?>6 yea
rs
>9 years
>12 years
>15 years
1 answer:
Answer:
>12 years
Step-by-step explanation:
P' = P (1 + r)ⁿ
P' = 2P
2P = P (1 + 0.06)ⁿ
1.06ⁿ = 2
n = log₁.₀₆ 2 = 11.9
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