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diamong [38]
3 years ago
12

Using the rule of 70, how many years will it take an investment to double if the return is 88 %? Round your answer to two decima

l places.g
Business
1 answer:
solong [7]3 years ago
7 0

Answer:

It will take 8.8 years to double the investment given an interest rate of 8.8% annually.

Explanation:

Giving the following information:

Interest rate= 8.8%

<u>The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. </u>We will use the following formula:

<u></u>

Number of Years to Double= 70/Annual Rate of Return

Number of Years to Double= 70/8.8

Number of Years to Double= 7.95

It will take 8.8 years to double the investment given an interest rate of 8.8% annually.

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