Question

Lucinda put $66 into a CD that pays 5.7% interest. According to the rule of 72, approximately how long will it take for her money to double?

Answer 1

13 years

Explanation:

Apex

Answer 2

13 years

Explanation:

It is given that,

Lucinda put $66 into a CD that pays 5.7% interest. According to the rule of 72,

The rule of 72

It is a simplified way to determine, If we invest some amount, how long that investment will take to double,

Formula

Let R be the rate of interest,

The time required to take double the amount = 72/R

Calculate the approximate years

According to the rule of 72, approximately 12.63 ≈ 13 years will it take for her money to double