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25 June, 12:01

On January 1, 1960, Augustus deposited $3950 into a savings account paying 3.3% interest compounded monthly. If he hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did his balance hit $7900 according to the rule of 72? *

1980

1981

1982

1983

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Answers (1)
  1. 25 June, 14:02
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    It would have hit 7900$ in 21.818181 ... years so it rounds to 1982
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