$5000 would grow to $10,000 in 60 years
In order to determine the number of years it would take for $5000 to double, the rule of 72 can be used.
The rule of 72 is a rule of thumb that is used to determine the number of years it would take for the money in an account to double given the interest rate.
Rule of 72 = 72 / interest rate
72 / 1.2 = 60 years
In order to determine the number of years it would take $5,000 to grow to $10,000 in an account that yields 1.2% interest, divide 72 by the interest rate.
To learn more about the rule of 72, please check: brainly.com/question/2262294?referrer=searchResults
