Lars deposited $50 into a savings account for which interest is compounded quarterly. According to the rule of 72, what interest rate will cause his money to double in approximately 29 years?

A 0.6%

B 1.7%

C 2.5%

D 0.4%

Question

Lexie Valentine

26 April, 03:28

+4

Answers (2)

Know the Answer?

Rayleen · Answer 1

The answer is B 1.7%

Humberto Hardy · Answer 2

Humberto Hardy 26 April, 07:05

0

The correct answer is 2.5%.

Lars deposited $50 into a savings account for which interest is compounded quarterly. According to the rule of 72, what interest rate will cause his money to double in approximately 29 years?A 0.6%B 1.7%C 2.5%D 0.4%