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A woman invests $1300 at a rate of 4.7%. Find the time in years that it takes her investment to double with annual compounding (a) using the future value formula and (b) using the Rule of 72.

A) based on the future value formula it will take approximately blank years for her investment to double. (Round to two decimal places as needed.)
B) based on the rule of 72, it will take approximately blank years for her investment to double. (Round to two decimal places as needed.)
For A you will need to do the formula
A= P(l+r/m)^n where A is the future value, P is the principal, R is the nominal rate, m is the number of times the investment is compounded in a year and m is the number of compounding periods.
B) based on the rule of 72, it will take approximately blank years for her investment to double. (Round to two decimal places as needed). You will
need to do years to double = blank/
growth rate.

Sagot :

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