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It will take 14.7 years for Armando's money to double.
Option C
<u>Explanation:</u>
The rule of 72 is generally used to estimate the number of years required to double the invested money at a given annual rate of return. And alternatively to find the number of years required to double the money at a given interest rate, we have to just divide the interest rate into 72.
Here, the interest rate is 4.9%. Therefore, it would be as follows
Rule 72 can be used to identify the following:
- Number of years it takes an investment to double,
- Number of years it takes debt to double,
- The interest rate must earn to double in a time frame,
- Number of times debt or money will double in a period of time.