Question

A friend of yours contacts you about an illegal payoff scheme to judges she is aware of at the prison she works at. Your friend has consulted with an attorney and believes she could be eligible for a $10 million whistleblower pay out. Although this is a good start, your friend believes she would need $20 million to retire comfortably, with the lifestyle she desires. She wonders aloud how many years it would take to double her money to $20 million, assuming a 6% rate. Calculate this for her using an Excel function, not with the rule of 72. (round to the nearest year)

Step 1

Calculate the maturity period to double the money as follows:

MS...

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