Suppose that when you were one year old, your grandmother gave you a shiny silver dollar. Your
Question:
a. Use the "Rule of 72" to estimate how much that account will grow to by the time you are 65.
b. Calculate exactly how much you will have in that account using the formula for compound interest.
c. How close are your answers to (a) and (b)?
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Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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