Ask Question
23 August, 16:14

Upon graduating from college, you make an annual salary of $58,381. You set a goal to double it in the future. If your salary increases at an average annual rate of 7.61 percent, how long will it take to reach your goal? Round the answer to two decimal places.

+1
Answers (1)
  1. 23 August, 17:43
    0
    Answer: 9.20

    Explanation:

    In finance there is a rule for calculating this called 'The Rule of 70'.

    With The Rule of 70, you are able to calculate the amount of time it will take an investment to double if you divide 70 by the growth rate of the investment.

    In this scenario, the investment is your salary and the growth rate is 7.61% pee year.

    The amount of time it will take to double is therefore,

    = 70 / 7.61

    = 9.19842312746

    = 9.20 years.

    It will take 9.20 years to double.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Upon graduating from college, you make an annual salary of $58,381. You set a goal to double it in the future. If your salary increases at ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers