16. Use the rule of 72 to determine how long it takes to accumulate $10,000 in a...

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16. Use the rule of 72 to determine how long it takes to accumulate $10,000 in a savings account when P = $5,000 and i = 10% per year. (4.6)

Rule of 72: The time (years) required to double the value of a lump-sum investment that is allowed to compound is approximately 72 ÷ annual interest rate (as a %).

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Engineering Economy

ISBN: 9781292265001

17th Global Edition

Authors: William G. Sullivan ,Elin M. Wicks ,C. Patrick Koelling

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Question Posted: Oct 25, 2024 10:11 AM

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16. Use the rule of 72 to determine how long it takes to accumulate $10,000 in a savings account when P = $5,000 and i = 10% per year. (4.6) Rule of 72: The time (years) required to double the value...
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16. Use the rule of 72 to determine how long it takes to accumulate $10,000 in a...

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Engineering Economy

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