Problem $1-2$ Using the Rule of $72[$LO$1-2]$

Using the rule of $72,$ approximate the following amounts:

a$.$ If the value of land in an area is increasing $5$ percent a year, how long will it take for property values to double?

b$.$ If you earn $14$ percent on your investments, how long will it$.$take for your money to double?

c$.$ At an annual interest rate of $8$ percent, how long will it take for your savings to double?

Complete this question by entering your answers in the tabs below.

Required b

Required $c$

If the value of land in an area is increasing $5$ percent a year, how long will it take for property values to double?

Note: Round your answer to $1$ decimal place.

Time period

years

Required a