Question

On February 1, 1990, Adam deposited $5000 into a savings account paying 8.47% interest, compounded quarterly. If he hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did his balance hit $10,000, according to the rule of 72?

Answer 1

\(72\div 8.47\)

Answer 2

Much appreciated.

Answer 3

oh, then of course add that number to 1990

Answer 4

Saved my day, Amigo. Gracias.

Answer 5

de nada