Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Maria has an opportunity to invest $16800 she inherited from her great aunt. She wants to know how long it would take to double her
Maria has an opportunity to invest $16800 she inherited from her great aunt. She wants to know how long it would take to double her money. The best investment rate she has found offers an 8% interest rate. Using the Rule of 72, calculate how long it would take the $16800 to double at a rate of 8% in interest?
7 years.
8 years.
9 years.
6 years.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started