Rule of 72 Review

If Nate has money in the bank at 7.2% interest, how many years will it take his money to double? (type number only)

(a)  

You start with $1000. You place it in an account earning 3% per year.

When will it double?

• 24 years

• 12 years

• 33 years

A quick way to estimate how long it takes for your money to double is called...

• rule of 72

• compound interest

• simple interest

• inflation

What interest rate would you need to double $2500 in 12 years?

• 5%
• 6%
• 34%
• 16%

What interest rate would you need to double $2500 in 12 years?

• 5%
• 6%
• 34%
• 16%

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

• 6 years
• 8.3 years
• 10 years
• 7.2 years

How many years will it take to double your money with a 3% interest rate?

• 24 years
• 12 years
• 4 years
• none of these

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

• 1440
• 14.4
• 55.5
• 80

What interest rate would you need to double $3500 in 9 years?

• 7%
• 10%
• 8%
• 38.8%

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

(a)