a typical minimum payment for a credit card is 3% of the balance what would your likly minimum payment be
1 answer:
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Answer:
The rule of 72 is used to determine how long it will take an investment to Double
For an Investment of $5,000 earning 7% annually, this will take about ten years
Step-by-step explanation:
The rule of 72 says that to find the number of years required to double your money at a given interest rate, you just divide 72 by the interest rate
Example:
If you want to know how long it will take to double your money at 9% interest, divide 72 by 9 you will get 8 years
The formula of the rule of 72 is Y =
Let us complete the missing
The rule of 72 is used to determine how long it will take an investment to Double
The missing word is "Double"
∵ The investment is $5,000
∵ The annual interest is 7%
- By using the rule of 72
∵ Y =
∵ r = 7
∴ Y =
∴ Y = 10.29
- Round it to the nearest year
∴ Y ≅ 10 years
For an Investment of $5,000 earning 7% annually, this will take about ten years
The missing word is "ten"