Question
Ira Schwab wins the lottery and decides to take the one lump sum of $500,000 minus taxes. Ira receives a check for $300,000 after taxes.
- Ira Schwab wins the lottery and decides to take the one lump sum of $500,000 minus taxes. Ira receives a check for $300,000 after taxes. Using the rule of 72, determine
A. How long will it take him to get $600,000 if he can earn 8 percent?
B. How long will it take him to get $600,000 if he can earn 18 percent?
C. How long will it take him to get $1,200,000 if he can earn 12 percent?
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
