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

when powering off your computer is best down using?
which word correctly completes this sentence? a álvaro ______ duelen las piernas.
A force of 6N and another of 8N can be applied together to produce the effect of how much newtons?
What does phishing mean?
12 children play musical chairs if there are three chairs how many ways are there for three children to sit
You are starting a Shaved Ice business and need to decide on a cup. Your choices are between a cone and a cylindrical shaped cup. The cone shaped cup has a di
A gardener brought 5 rabbits, after 2 months rabbits became 10, and after 4 months they became 20. If the growth continues on the same ratio, what would be the
If your clothing catches fire, you should. a. stop, drop, and roll. b. stay low and run to escape flames. c. run outside.
Write a definition of the word conductor, as found in a Music book: Science book:
statistics question- please help and show work.