Question: Albert Einstein said that compound interest was ... the most powerful thing I have ever witnessed. Work through the following exercises to discover a pattern

Albert Einstein said that compound interest was "... the most powerful thing I have ever witnessed." Work through the following exercises to discover a pattern Einstein discovered, which is now known as the Rule of 72. a. Suppose that you invest $2,000 at a 1% annual interest rate. Use your calculator to input different values for t in the compound interest formula. What whole number value of t will yield an amount closest to twice the initial deposit? Express your value in years

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 Mathematics Questions!

Albert Einstein said that compound interest was ". . . the most powerful thing I have ever witnessed." Work through the following exercises to discover a pattern Einstein discovered which is now...

Albert Einstein said that compound interest was the most powerful thing I have ever witnessed. Work through the following exercises to discover a pattern Einstein discovered, which is now known as...

using python 3 Write a function quote_maker(quote, name, year) that returns a sentence, i.e. a string of the following form: In year, a person called name said: quote. See the next Section 2 below...

This paper should include 3-5 pages of content with an additional cover and reference page. This is a total of 5-7 pages. Please be aware that a properly formatted page will include approximately 350...

Good Morning PAtutor, Kindly find attach a copy of the questions that I spoke to you about. I also attach a copy of notes there. Look forward to heading from you. Broken Budgets? The traditional...

What's your motivation- participation opportunity? Class, Albert Einstein said "I am thankful for all of those who said NO to me. It's because of them I'm doing it myself" Take a moment to read the...

Why do you think that Albert Einstein once called compound interest the eighth wonder of the world?

You will create a new innovative business model by applying the Odyssey 3.14 approach. Then, by reviewing your peers, you will discover at least 3 new, innovative business models, which will provide...

Albert Einstein reportedly said, "Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it." Regardless of whether Einstein uttered these exact...

Financial Literacy Ch. 11: Investing Discussion MEET JACK AND JILL Throughout our module, we use an example of two people who illustrate good and poor financial choices. Their background information...

Describe the three forms underwriters contract to sell an initial public offering. Under which method does the underwriter face the most risk from? Why? Complete the table below and match the company...

Proper internal controls are crucial to the operation and management of a business It is imperative that an auditor accurately assess the controls and the control risk. Write a 3 5 page paper on the...

answer This question has 2 parts. 0/1 point earned Part 1 Imagine you are participating in a classroom debate about whether or not viruses are alive. You have been asked to defend the claim that...

Julian Birkinshaw, James Manktelow, Vittorio DAmato, Elena Tosca, and Francesca Macchi In recent years, one of the most profound transformations in the workplace has been the increase in age...