1.Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)

$28,000 after 6 years at 3% if the interest is compounded in the following ways.

2.Use the "rule of 72" to estimate the doubling time (in years) for the interest rate, and then calculate it exactly. (Round your answers to two decimal places.)

3% compounded annually.

"rule of 72"	yr
exact answer	yr