Allison invests $15,000 in an account paying 7% per year compounded annually. (a) How many years are
Question:
Allison invests $15,000 in an account paying 7% per year compounded annually.
(a) How many years are required for the compound amount to at least double?
(b) In how many years will the amount at least triple?
(c) Check your answer to part (a) using either the rule of 70 or the rule of 72, whichever applies.
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a It will take 11 years for the compound amount t...View the full answer
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