With an interest rate of 9%,$5,000 will grow to $10,000 in approximately
A)8 years.
B)4 years.
C)12 years.
D)24 years.

Name: With an interest rate of 9%,$5,000 will grow to $10,000 in approximately A)8 years. B)4 years. C)12 years. D)24 years.
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

Using the rule of 72, which is a simple way to estimate the number of years required to double the investment at a fixed annual rate of interest, you divide 72 by the interest rate. So, 72 divided by 9 equals 8 years.

With an Interest Rate of 9%,$5,000 Will Grow to $10,000