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3 years ago

15

How long will it take for money to double if it is invested at 7% compounded monthly?

1 answer:

Goshia [24]3 years ago

4 0

Use the rule of 72 for the monthly compound:
About 10.3 years

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3 years ago

Help plz I'm desperate

lutik1710 [3]

<u>Anna:</u>

1st month = 18 + $\frac{3}{4}$ = 18 $\frac{3}{4}$ inches

2nd month = 18 $\frac{3}{4}$ + $\frac{3}{4}$ = 19 $\frac{1}{2}$

3rd month = 19 $\frac{1}{2}$ + $\frac{3}{4}$ = 20 $\frac{1}{4}$

4th month = 20 $\frac{1}{4}$ + $\frac{3}{4}$ = 21

5th month = 21 + $\frac{3}{4}$ = 21 $\frac{3}{4}$

<u>Grace:</u>

Because Anna is $\frac{9}{4}$ inches shorter than Grace, we can start the count from the third month:

1st month = 20 $\frac{1}{4}$

2nd month = 21

3rd month = 21 $\frac{3}{4}$

4th month = 21 $\frac{3}{4}$ + $\frac{3}{4}$ = 22 $\frac{1}{2}$

5th month = 22 $\frac{1}{2}$ + $\frac{3}{4}$ = 23

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3 years ago