Ask Question
27 May, 09:43

On January 1, 1960, Augustus deposited $3950 into a savings account paying 3.3% interest compounded monthly. If he hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did his balance hit $7900 according to the rule of 72? *

1980

1981

1982

1983

+4
Answers (1)
  1. 27 May, 11:51
    0
    It would have hit 7900$ in 21.818181 ... years so it rounds to 1982
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 1, 1960, Augustus deposited $3950 into a savings account paying 3.3% interest compounded monthly. If he hasn't made any ...” in 📙 Mathematics 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