To determine how many more years it will take for Jala's \[tex]$600 to double using the rule of 72, we can follow these steps:
1. Understand the Rule of 72: The rule of 72 is a simplified way to estimate the number of years required to double an investment at a fixed annual rate of interest. The formula is:
\[
t = \frac{72}{r}
\]
where \( t \) is the number of years and \( r \) is the annual interest rate.
2. Given Values:
- Initial principal (\( P \)) = \$[/tex]600
- Annual interest rate ([tex]\( r \)[/tex]) = 5%
- The rule of 72 will help us determine the time to double the investment.
3. Apply the Rule of 72:
- Here, [tex]\( r = 5 \)[/tex].
[tex]\[
t = \frac{72}{5}
\][/tex]
4. Calculate the Time to Double:
- Compute the quotient:
[tex]\[
t = \frac{72}{5} = 14.4 \text{ years}
\][/tex]
5. Conclusion:
- It takes approximately 14.4 years for Jala's \$600 to double in value at a 5% annual interest rate using the rule of 72.
Thus, among the options provided:
A) 3.3 years
B) 7.4 years
C) 10.3 years
D) 14.4 years
The correct answer is 14.4 years.
