Randolph has $20,000. He invests his money and expects to earn 9% on the investment. Approximately how many years will it take for his investment to become $80,000? Use the rule of 72 to figure this out.
Question 5 options:
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Answer:
in 16 years
his investment will be $80000 from $20000
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Step-by-step explanation:
Rate : 9%
Rule: 72
= 72/9
= Investment will be double in 8 years
= And $80000 in 16 years
Rondolph's investment is : 20000
according to 72 rules
1st year to 8 years:
His investment will be double from $20000 to $40000.
8th year to 16th year:
His amount will be double again from $40000 to $80000.
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