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Time to accumulate a given sum personal finance problem manuel rios wishes to determine how long it will take an initial deposit of ​$12 comma 00012,000 to double.

a. if manuel earns 1313​% annual interest on the​ deposit, how long will it take for him to double his​ money?

b. how long will it take if he earns only 1010​% annual​ interest?

c. how long will it take if he can earn 1515​% annual​ interest?

d. reviewing your findings in parts a​, b​, and c​, indicate what relationship exists between the interest rate and the amount of time it will take manuel to double his money.

a. if manuel earns 1313​% annual​ interest, the amount of time to double his money is nothing years. ​ (round to two decimal​ places.)

Respuesta :

MsTeel

To calculate how long it takes an investment to double, use the "Rule of 72." Simply divide 72 by the interest rate to find the number of years.

a) 72/13= 5.54 years

b) 72/10= 7.2 years

c) 72/15= 4.8 years

d) The above answers show that the higher the interest rate, the shorter time it will take to double the money.

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