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Jala put $600 in an interest bearing account with a annual compound interest rate of 5%. Jala determined that after seven years, she will have a total balance of $844.26. Using the rule of 72, t = StartFraction 72 Over r EndFraction how many more years will it be before Jala’s $600 doubles in value? Round to the nearest tenth.

2 Answers

4 votes

Answer:

7.4

Explanation:

User Pcp
by
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5 votes

Answer:

7.4 years would be the correct answer

User Neil Coffey
by
7.4k points
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