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Mack opened a cd 10 years ago at an interest rate of 7.8%, compounded monthly. According to the rule of 72, when did he have half the amount of money that he has now?

A. about 9.2 years ago
B. about 4.6 years ago
C. about 3.9 years ago
D. about 7.8 years ago

User Nomadkbro
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2 Answers

4 votes

Answer:

A. about 9.2 years ago

User Facundo Larrosa
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4 votes
72 rule says
72/rate=Time
72/7.8= 9.23 years
User Hujaakbar
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