using the rule of 72, about how many years will it take for a person to double his money if he has $25,000…

using the rule of 72, about how many years will it take for a person to double his money if he has $25,000 earning 13 percent interest?\n\n2.5\n5.6\n8.7\n9.4\n10.3

using the rule of 72, about how many years will it take for a person to double his money if he has $25,000 earning 13 percent interest?\n\n2.5\n5.6\n8.7\n9.4\n10.3

Answer

Explanation:

Step1: Recall the Rule of 72 formula

The Rule of 72 formula is $t=\frac{72}{r}$, where $t$ is the time in years to double the money and $r$ is the interest rate.

Step2: Substitute the given interest rate

The interest rate $r = 13$. Substitute $r = 13$ into the formula: $t=\frac{72}{13}$.

Step3: Calculate the value of $t$

$t=\frac{72}{13}\approx5.54\approx5.6$.

Answer:

5.6