According to the Rule of 72, what must the return on an investment be to double an initial investment of $1,000 in 7 years? Multiple Choice 10.41% 2% 8.63% 10.29% 7.2% Show all steps of calculation and formulas if necessary

According to the Rule of 72, what must the return on an investment be to double an initial investment of $1,000 in 7 years? Multiple Choice 10.41% 2% 8.63% 10.29% 7.2% Show all steps of calculation and formulas if necessary

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section: Chapter Questions

Problem 9DTM

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Question

According to the Rule of 72, what must the return on an investment be to double an initial investment of $1,000 in 7 years?

Multiple Choice

10.41%
2%
8.63%
10.29%
7.2%

Show all steps of calculation and formulas if necessary

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