Using the rule of 72, calculate how quickly $10,000 will double to $20,000 at interest rates of 2 percent, 5 percent, 6 percent, 8 percent, and 11 percent. Round your answers to one decimal place. Interest rate, % Period (years) 2 5 6 8 11

Using the rule of 72, calculate how quickly $10,000 will double to $20,000 at interest rates of 2 percent, 5 percent, 6 percent, 8 percent, and 11 percent. Round your answers to one decimal place. Interest rate, % Period (years) 2 5 6 8 11

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section1.4: Perform Time Value Of Money Calculations

Problem 3CC

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Question

Using the rule of 72, calculate how quickly $10,000 will double to $20,000 at interest rates of 2 percent, 5 percent, 6 percent, 8 percent, and 11 percent. Round your answers to one decimal place.

Interest rate, %	Period (years)
2
5
6
8
11

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