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

HELP PLEASESteve bought a car for seven thousand five hundred Euros. He was given a ten percent discount on the full price. How much did he pay for the car?
What two metaphors are used to discuss "power"? A fire and flood B fan and night С ignite and fan D flood and winds
Mary wants to buy a new iPhone for $699. she has $200 saved and plans to save $45 per week. How many weeks will it take Mary to have at least $699 to buy her ph
Helpppp please I need to turn it in tomorrow at 8:45 am
A store is having a sale on jelly beans and almonds. For 4 pounds of jelly beans and 8 pounds of almonds
who was the president of the united states
How many grams are there in eight and one-fourth of a kilogram?
Add subtract multuply
How to know which side is positive or negative on resistors.
correct answer only need urgent help