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If you deposited money in a savings account that paid 1% interest, approximately how long would it take your money to double? a. 72 years b. 36 years c. 18 years d. 2 years e. I…

If you deposited money in a savings account that paid 1% interest, approximately how long would it take your money to double? a. 72 years b. 36 years c. 18 years d. 2 years e. I…
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If you deposited money in a savings account that paid 1% interest, approximately how long would it take your money to double?

a. 72 years
b. 36 years
c. 18 years
d. 2 years
e. It is impossible to determine with the information given.

User Ricardo Deano
by
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1 Answer

2 votes
Answer: A
Explanation: The rule of 72 dictates that in order to find the money invested to double you will need to do the following: You would get 72 and divide it by 1 (1 is the percentage in this formula) and the answer would be 72.
User Dima Stopel
by
7.8k points
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