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SVEN [57.7K]
2 years ago
15

You have invested $1,000 in an account that promises APY of 3 percent per year. Assuming you leave the original investment and a

ll earned interest in the account, and ignoring taxes, how long will it take to double your money?
Business
1 answer:
ioda2 years ago
4 0

Answer: The answer is<u> 24 years.</u>

<u />

Explanation: For this exercise we can use the rule of 72, this rule is by which investors can estimate how many years it will take for an initial investment to double. If you know the rate of return, you can know the time needed and if you know the time, you can calculate approximately the rate of return.

RULE OF 72 = APY% x NUMBER OF YEARS = 72

If we apply the formula it results =

3 × n = 72

n = \frac{72}{3}

<u>n = 24.</u>

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Answer:

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Lump-sum amount -

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3 years ago
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Answer:

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2 years ago
Can someone please help me with this question!
Dafna1 [17]

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I think you got it right*

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I think this is the same question I took.

6 0
2 years ago
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3 years ago
Which of the following is NOT a benefit of safety and health programs?
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7 0
3 years ago
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