If $15 000 is invested at 10% per year, in approximately how many years will the investment double?Question 11Select one:7.3 years10.6 years14.8 years8.4 years

Question

If $15 000 is invested at 10% per year, in approximately how many years will the investment double?Question 11Select one:7.3 years10.6 years14.8 years8.4 years
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Solution 1

To solve this problem, you can use the rule of 72. The rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. You divide 72 by the annual rate of return you receive on your investments.

Here, the rate of return is 10%. So, you divid Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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