Question

Felicia put $175 into a CD with 4% interest, compounded semiannually. according to the rule of 72 approximately how long will it take for her money to double

Answer 1

Answer: Eighteen years

Explanation: The formula to use is A=p(1+r/100)^n

A=amount, p=principle, r=rate, n=time

350=175(1+4/100)^n

350/175=1.04^n

2=1.04^n

ln2=nln1.04

n=(ln2)/(ln1.04)

n=17.7 years

The answer is about eighteen years.

Hope this helps, now you know the answer and how to do it. HAVE A BLESSED AND WONDERFUL DAY!

- Cutiepatutie ☺❀❤