Question

Miguel has his money in a savings account earning 3 percent interest. How long will it take his money to double? twelve years two years twenty-four years eighteen years

Answer 1

Given that Miguel has his money in a savings account earning 3 percent interest.

we have to find in how much time the money is double.

Here we apply the rule of 72

72 rule is a simple rule to find how long an investment will take to double given  fixed annual rate of interest.

By dividing 72 by the annual rate of return, we get the time i.e in  how many years it will take the money to double.

Hence, the answer is 24 years.