Question

Yuri invests $2,000 in an account with compound interest at 6%. Maria invests $3,500 in an account with compound interest at 4%. Using the rule of 72, T=72/R how many years with it take Yuri and Maria to double their money?

Answer 1

b Yuri’s money will double in approximately 12 years, and Maria’s money will double in approximately 18 years.

Answer 2

Answer:

Yuri's money would double approximately in 12 years and Maria's money would double approximately in 18 years.

Step-by-step explanation:

By using Rule of 72, $(\frac{72}{r})$ we can calculate how many years it would take money to double.

Yuri invests $2,000 in an account with compound interest at 6%

Therefore, we use this formula $(\frac{72}{r})$ where r = rate of interest.

= $(\frac{72}{6})$ = 12 years

Maria invests $3,500 in an account with compound interest at 4%

= $(\frac{72}{4})$ = 18 years

Yuri's money would double approximately in 12 years and Maria's money would double approximately in 18 years.