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

Jerry and his brother Joe both work in manufacturing plants, but Jerry gets a regular paycheck, whereas Joe is paid according to the number of items he produces
How to think effectively and positively?
Use labyrinthine in a sentence
If the force on an object is negative, what is known about the change in velocity? O The velocity will decrease. O The velocity will increase. O The velocity wi
When a respondent is offered explicit responses from which to choose an answer to a question, they are answering a(n)
in a table pattern A uses the rule "add five" and pattern B uses the rule "add 10".WHICH STATEMENT IS TRUEPATTERN A 10. 15. 20. 25. 30 PATTERN B 20. 30. 40. 50.
What is the answer to this question
The Hebrew account of Persian attitudes toward Can be found in the book of
Hello there can anyone help me? i have to do a project for biology and i could use some help
HELPPP A. X=20, y=10 B. X=15, y=8 C. X=20, y=12 D. X=15, y=12