Mathematics, 26.05.2021 02:40, nayellisoto15
Mauricio plans on retiring in 20 years, and he wants to double his money by that time. He has contacted various banks, looking for a CD that compounds interest monthly, and to calculate what annual interest rate he needs, he is using the rule of 72.
Part I: What is the rule of 72? To represent the annual interest rate, use r.
Part II: What equation can Mauricio set up to solve for the annual interest rate he needs to double his money by the time he retires?
Part III: What annual interest rate does Mauricio need to double his money by the time he retires?
Answers: 3
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Mauricio plans on retiring in 20 years, and he wants to double his money by that time. He has contac...
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