mevslinecamille
mevslinecamille mevslinecamille
  • 02-04-2017
  • Mathematics
contestada

According to the rule of 72, if Gina invests $100, $500, and $1000 into three separate accounts with the same interest rate, which amount will double fastest?

Respuesta :

brixtonnlewis
brixtonnlewis brixtonnlewis
  • 02-04-2017
Let's say the APR is 5%. That means you get 5% of your balance back every year. The $100 balance would get $5 back, the $500 balance would get $25 back, and the $1000 balance would get $50 back. Therefore, all of the balances would take the same amount of time to double, and it would take all of them 20 years.

$5*20 years=$100
$25*20 years=$500
$50*20 years=$1000
Answer Link

Otras preguntas

La fiesta ¿Cómo van a celebrar en el restaurante? Describe la comida de la fiesta según las fotos.​
What are the 12 steps of the Hero’s Journey in the book The Adoration of Jenna Fox?
Según el texto, ¿cuáles son las medidas para frenar los efectos del cambio climático?​
Adrian is measuring the time it takes to heat 200 mL of water until it boils. He is doing the experiment for the third time. He predicts that it will take six m
The graph shows a relationship between volume and temperature. Which of the following statements is true? A.) The graph shows a directly proportional relationsh
Is it Giveaway time? Why are you making me add more text :/
Which of the following is equivalent to 3 cm??A.B.6 mm230 mm90 mm-300 mmC.D.​
Four decreased by the product of a number and 7 is equal to 11
What percent of Iraq's GDP comes from oil?
Plaese help i was stuck on it for a while