Sylvia invested 500 in an account compounded annually with an interest rate of 8%. Manuel invested 600 in an account with a comp ound interest rate of 7.25% . Using the rule of 72, who will double their money first
1 answer:
Answer:
Sylvia's investment would double first
Step-by-step explanation:
The number of years it takes for amount invested to double itself using the 72 rule is 72 divided by rate of interest as computed below:
Sylvia investment:
Sylvia's investment would double in 9 years' time (72/8)
Manuel's investment"
Manuel investment of $600 would double itself in 9.9 years' time (72/7.25)
From the above analysis,Sylvia's investment of $500 at the 8% rate of interest would double first
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Step-by-step explanation: