Loose Leaf for Personal Finance
Loose Leaf for Personal Finance
12th Edition
ISBN: 9781259720680
Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Publisher: McGraw-Hill Education
Question
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Chapter 1, Problem 2FPP
Summary Introduction

(a) To determine:

The time period in the value of the given land gets doubled if it increases 6% per year.

Introduction:

Rule of 72 is a way to calculate the time period in which a particular amount gets doubled due to the increase in value through interest on that amount. It is the efficient, simplest and fastest method to calculate such time period.

Summary Introduction

(b) To determine:

The time period in the value of the given investment gets doubled if the interest rate is 10% per year.

Summary Introduction

(c) To determine:

The time period in the value of the given savings gets doubled if the annual interest rate is 5%.

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