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Pablo deposited $57 into a savings account for which interest is compounded quarterly. according to the rule of 72, what interest rate will cause his money to double in approxim…

Pablo deposited $57 into a savings account for which interest is compounded quarterly. according to the rule of 72, what interest rate will cause his money to double in approxim…
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Pablo deposited $57 into a savings account for which interest is compounded quarterly. according to the rule of 72, what interest rate will cause his money to double in approximately 44 years?

asked
User Zbr
by
8.5k points

1 Answer

3 votes
Hi there

The rule of 72 is
72/time=rate
72÷44=1.6%

Hope it helps
answered
User Radovan Skendzic
by
8.1k points
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