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Aleks04 [339]
3 years ago
14

Using the rule of 72, t = StartFraction 72 Over r EndFraction, how long will it take for the principal to double with an annual

compound interest rate of 6%?
Business
1 answer:
Leviafan [203]3 years ago
5 0

Answer:

12 years

Explanation:

Given

t = \frac{72}{r}

Required

How long will interest rate of 6\% double

We have:

t = \frac{72}{r}

Substitute 6 for r

t = \frac{72}{6}

t = 12

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