[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.

10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes.

Business

Explore our library and get Finance Homework Help with various study sets and a huge amount of quizzes and questions

Upload material to get free access

Upload Now Upload Now
Upload Now

Invite a friend and get free access

Upload NowInvite a friend
Invite a friend

Subscribe and get an instant access

See our plansSee our plans
See our plans