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25 October, 17:50

Using the rule of 72, approximate the following amounts: (a) If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)

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  1. 25 October, 18:07
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    It will take 14 years and 146 days to double the value.

    Explanation:

    The rule of 72 is a means of estimating the number of years it takes for an investment or your money to double.

    Number of Years to Double = 72/Annual Rate of Return

    N = 72/5 = 14.40 years

    To be more accurate:

    0.40*365 = 146 days

    It will take 14 years and 146 days to double the value.
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Home » Business » Using the rule of 72, approximate the following amounts: (a) If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)
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