Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the rule of 72, approximate the following amounts: (a) If the value of land in an area is increasing 5 percent a year, how

Using the rule of 72, approximate the following amounts:

(a) If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)

(b) If you earn 13 percent on your investments, how long will it take for your money to double? (Round your answer to 1 decimal place.)

(c) At an annual interest rate of 3 percent, how long will it take for your savings to double? (Round your answer to 1 decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Behavioral Finance And Asset Prices

Authors: David Bourghelle, Pascal Grandin, Fredj Jawadi, Philippe Rozin

1st Edition

3031244850, 978-3031244858

More Books

Students also viewed these Finance questions

Question

Decision Making in Groups Leadership in Meetings

Answered: 1 week ago