Michael Dew has invested $14,000 in a certificate of deposit that has a 3.25% annual interest rate.
Question:
Michael Dew has invested $14,000 in a certificate of deposit that has a 3.25% annual interest rate. Determine the doubling time for this investment using the doubling-time formula. How does this compare with the estimate given by the rule of 70?
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To determine the doubling time for an investment with a given annual interest rate you can use the d...View the full answer
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Related Book For 
Calculus With Applications
ISBN: 9780321831101
10th Edition
Authors: Margaret L Lial, Raymond N Greenwell, Nathan P Ritchey
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