A woman invests $1,500 at a rate of 2.9%. Find the time in years that it takes her investment to double with annual compounding (a) using the future value formula and (b) using the Rule of 72. a Based on the future value formula, it will take approximately (Round to two decimal places as needed.) years for her investment to double. b Based on the Rule of 72, it will take approximately (Round to two decimal places as needed.) T years for her investment to double.

A woman invests $1,500 at a rate of 2.9%. Find the time in years that it takes her investment to double with annual compounding (a) using the future value formula and (b) using the Rule of 72. a Based on the future value formula, it will take approximately (Round to two decimal places as needed.) years for her investment to double. b Based on the Rule of 72, it will take approximately (Round to two decimal places as needed.) T years for her investment to double.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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