Answer:
Step-by-step explanation:
Given the following :
Period = 15 years
Worth of investment = $7,200
The rule of 70 is represented by the formular :
Number of years to double = ( 70 / Annual percentage growth rate)
Inputting our values :
Number of years to double = 15 years
15 = 70 / Annual percentage growth rate
Annual percentage growth rate * 15 = 70
Annual percentage growth rate = (70 / 15)
= 4.667%
Therefore according to the rule of 70, it will take an annual percentage growth rate of 4.667% to double the investment.
