Question

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.

3.3 years
7.4 years
10.3 years
14.4 years

Answer 1

The answer is 14.4 years

Explanation:

This was the answer in e d g e n u i t y and because if you get 600 with 5% of interest rate for 7 years you get 844.26, now double that and then it wont be enough for the double so add 4 months.

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Answer 2

the answer is 14.4 years