Rule of 72Do a web search to find out what is the Rule of 72.Practice Exercises1. Your RRSP is earning 4% per year. How long before it doubles in value?2. You want to be conservative with your investments, so you invest in a GICearning you 2.5% per year. How long before your investment doubles?3. You have a loan bearing an interest rate of 7%. How long before you owetwice as much as you owe now?4. You are hoping that your investment of $5,000 will double in 7 years.What interest rate do you need to earn to make this happen?5. Your house is currently valued at $250,000. Real estate has been goingup at the rate of 9% for the past 3 years. If this rate continues how longwill it take for your house to have a value of $500,000?6. Your goal is to buy a house in 4 years and place a $50,000 deposit. Youcurrently have $25,000 saved for the deposit. What interest rate do youneed to earn in order to achieve this goal?7. Your annual sales are currently $4 million and they have been increasingat the rate of 15% per year. How long will it take for your sales to be $8million per year?8. Humbers current full-time enrolment is approximately 14,000. Enrolmentgrew by 7% last year. If this growth rate continues, how long beforeenrolment is 28,000?9. Enrolment in your program in The Business School was 800 students ayear ago and it is now 864. If this growth rate continues, how long will ittake for enrolment in your program to be 1728?10. Humbers current Continuing Ed. enrolment is 117,300. If Humbers goalis to have 234,600 CE students in 8 years, what growth rate should weplan for