Question

Onlar EAL2DILE=234562. Miguel plans on retiring in 16 years, and he wants to double his money by that time.He's contacted various banks, looking for a CD that compounds interest monthly, and tocalculate what annual interest rate he needs, he is using the rule of 72. (3 points: Part I -1 point; Part II - 1 point; Part III - 1 point)

Answer 1

Stephanie, this is the solution to the problem:

Using the Rule of 72, we have:

r = 72/16

r = 4.5

The interest rate is 4.5%