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sukhopar [10]
2 years ago
13

There is a rule of thumb which can be used as an approximation called the Rule of 72 to find interest or period of time, given t

he other quantity, and it is given as ni=72.If $1 is invested for 10 years, what compound rate is necessary for the money to double?
Business
1 answer:
hoa [83]2 years ago
6 0

Answer:

i=7.2%

Explanation:

Giving the following information:

There is a rule of thumb which can be used as an approximation called the Rule of 72 to find interest or period, given the other quantity, and it is given as ni=72

We have $1 for 10 years. We will assume that it needs to duplicate in 10 years.

Years to double= 72/interest rate

10=72/i

i=72/10= 7.2

Control:

FV= 1*(1.072^10)= 2

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