Rule of 72 & Compound Interest Flashcard

Front

Your returns (or interest rate) are 8% a year. How long before your investment doubles?

Back

9 years

Front

How many years will it take $4000 to double with a 5% interest rate?

Back

14.4

Front

How many years will it take $600 to double with 10% interest?

Back

7.2 years

Front

What calculation should you do to answer the question: How many years will it take $900 to double if the interest rate is 2%?

Back

72 divided by 2

Front

If Raven has money in the bank at 3% interest, how many years will it take her money to double? (type number only)

Back

24

Front

Back

Front

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest $compounded\ semi-annually$, what would the correct n value for the equation set up be?

Back

The correct n value would be 2.

Front

You borrowed $1,690 for 5.5 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?

Back

$602.45

Front

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

Back

$2,706.86

Front

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

Back

$15,683.28