According to the rule of 72, is katelyn invest $50,$100, and $200 into three separate accounts with the same interest rate, which amount will double fast?

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Bullock

English

30 October, 20:09

According to the rule of 72, is katelyn invest $50,$100, and $200 into three separate accounts with the same interest rate, which amount will double fast?

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Yareli Irwin · Answer 1

Let's say the APR is 5%. That means you get 5% of your balance back every year. The $100 balance would get $5 back, the $500 balance would get $25 back, and the $1000 balance would get $50 back. Therefore, all of the balances would take the same amount of time to double, and it would take all of them 20 years.

$5*20 years=$100

$25*20 years=$500

$50*20 years=$1000