Question

question 8 of 10
denise put $95 into a cd that pays 5.2% interest. according to the rule of 72, approximately how long will it take for her money to double?
a. 138.5 years
b. 18.3 years
c. 13.8 years
d. 182.7 years

Explanation:

Step1: Recall Rule of 72 formula

Time to double = $\frac{72}{\text{Interest Rate (in \%)}}$

Step2: Plug in the interest rate

Time to double = $\frac{72}{5.2}$

Step3: Calculate the value

$\frac{72}{5.2} \approx 13.8$ years

Answer:

C. 13.8 years