Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sofia has an opportunity to invest $18,000 she inherited from her great aunt. She wants to know how long it would take to double her

Sofia has an opportunity to invest $18,000 she inherited from her great aunt. She wants to know how long it would take to double her money. The average investment return over the past decade was 8% annual percentage yield (APY). Using the rule of 72, calculate how long it would take the $18,000 to double at a rate of 8% in interest.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Years to Double using the rule of 72 can be comp... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Thomas Garman, Raymond Forgue

12th edition

9781305176409, 1133595839, 1305176405, 978-1133595830

More Books

Students also viewed these Finance questions

Question

=+b) What is the standard deviation?

Answered: 1 week ago

Question

=+b) Find the standard deviation for the profit.

Answered: 1 week ago

Question

=+a) How many red lights should she expect to hit each day?

Answered: 1 week ago