1. Using the Rule of 72, approximate the following:

a. If home prices in an area have been increasing at a 5% rate, how long will it take for them to double in value?

b. If you think you can earn 7% on a diversified portfolio of stocks and bonds, how long will it take to double the value of your holdings?

c. If you earn 1% on your savings account at a bank, how long will it take to double your money?