Question

Felicia put $85 into a CD that pays 3.8% interest. According to the rule of 72, approximately how long will it take for her money to double ?

Answer 1

The answer is 18.9 years. I hope this helped :)

Answer 2

18.9 years.

Explanation:

We have been given that Felicia put $85 into a CD that pays 3.8% interest.

We know that rule of 72 gives us the time it will take an amount to be double, when we divide 72 by the interest rate.

Upon dividing 72 by 3.8 we will get,

`\text{Time it will take to double Felicia's money}=(72)/(3.8)`

`\text{Time it will take to double Felicia's money}=18.9473684\approx 18.9`

Therefore, it will take approximately 18.9 years for Felicia's money to double.