Pearl deposited $60 into a savings account for which interest is compounded monthly. According to the rule of 72, what interest rate will cause her money to double in approximately 33 years?

A. 0.6%
B. 0.5%
C. 1.8%
D. 2.2%

@calculusxy

Question

Pearl deposited $60 into a savings account for which interest is compounded monthly. According to the rule of 72, what interest rate will cause her money to double in approximately 33 years?

 		A.	0.6%
 		B.	0.5%
 		C.	1.8%
 		D.	2.2%

@calculusxy

anonymous · Answer

i did it and i got 1.8 idk if im correct @calculusxy

calculusxy · Answer

I am checking to see if you are right.

anonymous · Answer

ok

calculusxy · Answer

I think that the option is D 2.2% because if you do 72 divided by 1.8% then the quotient is approximately rounded to 40 years. On the other hand, if you do 32.72~33 years.

calculusxy · Answer

*I got 32.72 years by dividing 72 by 2.2.

anonymous · Answer

ooo ok