If a technician deposits $1,000.00 in a bank at 7.45%, how many years must the technician wait for the amount to double? Use the Rule of 72 and round to the nearest hundredth.

Question

Quizplus · Accepted Answer

Using the Rule of 72, we divide 72 by the interest rate (7.45%) to get the approximate number of years it will take for the investment to double:
72/7.45≈9.66
Therefore, it will take about 9.66 years for the technician's deposit to double. The closest option is C: 9.66, rounded to the nearest hundredth.

If a Technician Deposits $1,000