Question

Paige entered the following values into the TVM Solver on her graphing

calculator.
N=
1%=3.3
PV=-43
PMT=0
FV=86
PY=1
C/Y=1811
PMTEENL BEGIN
What does the rule of 69 predict will be the approximate value of N?

Answer 1

20.9

Explanation:

Answer 2

N ≈ 21

Explanation:

Paige is apparently interested in the number of years required to double her money (from 43 to 86) at an interest rate of 3.3% per year. The rule of 69 says that doubling time will be approximately 69/3.3 ≈ 20.9.

The approximate value of N is 21.

_____

For the given entries, my TVM Solver gives N = 21.00465139.