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On February 1, 1990, Adam deposited $5000 into a savings account paying 8.47% interest, compounded quarterly. If he hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did his balance hit $10,000, according to the rule of 72?

User Layton
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2 Answers

3 votes

Answer:

1998

Explanation:

A P E X

User Andriy Kizym
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Hi there
The rule of 72
72/rate=time
72÷8.47=8.5 years

On June 1, 1998

Hope it helps
User Gixlg
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