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Using the rule of 72, t = StartFraction 72 Over r EndFraction, how long will it take for the principal to double with an annual compound interest rate of 6%?

Respuesta :

MrRoyal

Answer:

12 years

Explanation:

Given

[tex]t = \frac{72}{r}[/tex]

Required

How long will interest rate of [tex]6\%[/tex] double

We have:

[tex]t = \frac{72}{r}[/tex]

Substitute 6 for r

[tex]t = \frac{72}{6}[/tex]

[tex]t = 12[/tex]

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