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5 September, 19:32

If you deposited money in a savings account that paid 1% interest, approximately how long would it take your money to double?

a. 72 years

b. 36 years

c. 18 years

d. 2 years

e. It is impossible to determine with the information given.

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Answers (1)
  1. 5 September, 21:54
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    Answer: A

    Explanation: The rule of 72 dictates that in order to find the money invested to double you will need to do the following: You would get 72 and divide it by 1 (1 is the percentage in this formula) and the answer would be 72.
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