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Denise put $95 into an account that pays 5.2% interest, compounded monthly. According to the rule of 72, approximately how long will it take for her money to double?

Denise put $95 into an account that pays 5.2% interest, compounded monthly. According to the rule of 72, approximately how long will it take for her money to double?
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Denise put $95 into an account that pays 5.2% interest, compounded monthly. According to the rule of 72, approximately how long will it take for her money to double?

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User Bopsi
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2 Answers

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T=72÷5.2=13.8 or 14 years
answered
User Khd
by
6.8k points
6 votes
13.8 years.
72/(.052X100)=13.8

72/ interest rate x 100
answered
User Kuber
by
8.1k points
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