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Colette opened a CD 10 years ago at an interest rate of 8.8%, compounded quarterly. According to the rule of 72, when did she have half the amount of money that she has now?

Colette opened a CD 10 years ago at an interest rate of 8.8%, compounded quarterly. According to the rule of 72, when did she have half the amount of money that she has now?
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Colette opened a CD 10 years ago at an interest rate of 8.8%, compounded quarterly. According to the rule of 72, when did she have half the amount of money that she has now?

User Farzin Kanzi
by
8.7k points

1 Answer

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Hi there

The rule of 72
72/rate=time
72÷8.8=8.2 years ago

Good luck!
User Domske
by
8.5k points
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