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using the rule 72, estimate the time it would take to double once principle if invented at 8% compounded annually

Guest Apr 16, 2015

Best Answer 

 #1
avatar+88791 
+10

72/8 = about 9 years

The actual time is given by

ln(2)/ln(1.08) = about 9.006 years

 

 

  

CPhill  Apr 16, 2015
 #1
avatar+88791 
+10
Best Answer

72/8 = about 9 years

The actual time is given by

ln(2)/ln(1.08) = about 9.006 years

 

 

  

CPhill  Apr 16, 2015
 #2
avatar+93297 
0

I don't think that I have seen that before Chris.    

Melody  Apr 16, 2015

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