The bonus would be worth $493,000.
3.4% = 3.4/100 = 0.034; 3.4% of 14500000 = 0.034(14500000) = 493000.
11%=11/100
11/100=22/x
we have to solve for x now
11x=2200 divide by 11 both side
x=200
that the answer
Answer:
The number of years to double the lump sum in value is;
N = 72/10 = 7.20
N = 7.20 years
Step-by-step explanation:
Using the rule of 72 for the approximation:
The formula for rule of 72 is;
Number of years to double = 72/interest rate in percentage
Given;
Interest rate = 10%
The number of years to double the lump sum in value is;
N = 72/10 = 7.20
N = 7.20 years
