[Solved] Sofia Has an Opportunity to Invest $18,000 She Inherited from Her

Question 106
Multiple Choice
Question 106

Sofia has an opportunity to invest $18,000 she inherited from her great aunt. She wants to know how long it would take to double her money. The best investment rate she has found offers an 8% interest rate. Using the Rule of 72, calculate how long it would take the $18,000 to double at a rate of 8% in interest?

A) 6 years.
B) 7 years.
C) 8 years.
D) 9 years.

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