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Mike has his money in a savings account earning 3.5 percent interest. How long will it take for his money to double? twelve and a half years two and a half years just over twent…

Mike has his money in a savings account earning 3.5 percent interest. How long will it take for his money to double? twelve and a half years two and a half years just over twent…
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Mike has his money in a savings account earning 3.5 percent interest. How long will it take for his money to double?

twelve and a half years
two and a half years
just over twenty and a half years
twenty-four years

User Mfawzymkh
by
8.2k points

2 Answers

3 votes

Answer:

24 years

Explanation:

User Okaerin
by
8.3k points
2 votes
By using 72 rule
Time=72/rate
T=72÷3.5
T=20.6 years
User Crystle
by
7.1k points
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