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27 December, 06:59

Denise put $95 into an account that pays 5.2% interest, compounded monthly. According to the rule of 72, approximately how long will it take for her money to double?

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Answers (2)
  1. 27 December, 08:02
    0
    13.8 years.

    72 / (.052X100) = 13.8

    72 / interest rate x 100
  2. 27 December, 09:56
    0
    T=72:5.2=13.8 or 14 years
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