$1000 is invested at 6% compounded yearly. According to the rule of 72, how many yearswill it take for the investment to double?

We can find the required time period as below.

Answered: $1000 is invested at 6% compounded…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....

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$1000 is invested at 6% compounded yearly. According to the rule of 72, how many years will it take for the investment to double?