Question

question 2 of 10
jed entered the following values into the tvm solver on his graphing calculator.
n=
i%=3.9
pv=-47
pmt=0
fv=94
p/y=1
c/y=1e11
pmt:end begin
what does the rule of 69 predict will be the approximate value of n?
a. 24.1
b. 17.7
c. 18.5
d. 12.1

Explanation:

Step1: Recall Rule of 69 formula

The Rule of 69 formula for doubling time is $N \approx \frac{69}{I\%}$

Step2: Identify given interest rate

$I\% = 3.9$

Step3: Calculate approximate N

$N \approx \frac{69}{3.9} \approx 17.7$

Answer:

B. 17.7