The "rule of 72" says that the doubling time in years is approximately 72 divided by the interest rate in percent. To make the money grow by a factor of 4 requires that it double twice, so will take twice as long as the period to double once.
2×72/11.3 ≈ 12.7 . . . . years
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The "rule of 72" is an approximation. The actual quadrupling time for this interest rate and compounding is about 12.6 years. (The actual product of doubling time and nominal interest rate is about 71.25.)
Based on the information, Christian would have $5525.5 of annuity.
<h3>How to calculate the annuity?</h3>
According to given information, the number of coffees per week is 3 then, per month is 3x4 = 12
For each coffee is $4.5. Then monthly expenditure for coffees is 12 x 4.5 = $54
Rate of interest r = 1.6% = 1.6/100 = 0.016 and for monthly compounding r = 0.016/12 = 0.00133
n = number of payments = 8 x 12 = 96
We can use the formula for finding the future value as below
FV = C x [ ( 1 + r )n-1 ] / ( r )
FV = 54 x [ ( 1 + 0.00133 )96 – 1 ] / (0.00133)
= 54 x [ (1.13609 - 1)] / (0.00133)
= 54 x 0.13609 / (0.00133)
= 54 x 102.3233
= 5525.5
Therefore Christian would have $5525.5 of annuity.
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Answer:
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Answer:
14
Step-by-step explanation:
The perimeter is the sum of the sides, so we have
2x+x+15+4x-7=57
= 7x+8
Subtracting 8 from both sides, we get
7x= 49
Dividing 7 from both sides, we get
x=7
Our sides are then 2x=14, x+15=22, and 4x-7=21. 14 is our answer
