Question: a . If the interest rate is 5 . 0 % per year, approximately how long will it take for your money to quadruple in

a. If the interest rate is 5.0% per year, approximately how long will it take for your money to quadruple in value?
Note: Use the Rule of 72. Round your answer to 2 decimal places.
Number of years ,vdots......28.80
2 decimal places required.
b. If the inflation rate is 3.5% per year, what will be the change in the purchasing power of your money over this period?
Note: Use the Rule of 72 to compute the number of years. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
\table[[Purchasing power,increases,by,%
 a. If the interest rate is 5.0% per year, approximately how

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!