According to the rule of 72, t=72/r which statement is true?

a. An investment of $3,100 will double in 12 years at a compound interest rate of 5%.

b. An investment of $9,000 will double in 10 years at a compound interest rate of 7%.

c. An investment of $4,500 will double in 8 years at a compound interest rate of 9%.

d. An investment of $3,000 will double in 4 years at a compound interest rate of 12%.

Question

Kent

4 November, 06:08

+4

Answers (1)

Know the Answer?

Kimora Saunders · Answer 1

72/rate=time

72/9=8 years

So the answer is c