Question

Manny has his money in a savings account earning 3 percent interest. How long will it take his money to double? twelve years, two years, twenty-four years, or eighteen years

Answer 1

C) Twenty-four (24) years

Answer 2

24 years

Step-by-step explanation:

Since Manny's savings account is yielding a 3% compound interest, he can use the rule of 72 to determine how much time it will take for his money to double:

years to double = 72 / interest rate = 72 / 3 = 24 years

The rule of 72 applies to any investment that yields compound interest.