Samantha Jee put $3,000 into a mutual fund yielding a 12 percent annual rate of return.Using the Rule of 72,calculate approximately how long it will take for the investment to double in value.
A)Two years
B)Two years and four months
C)Six years
D)Seven years and four months

Question

Quizplus · Accepted Answer

The Rule of 72 is a simple way to estimate the number of years required to double the investment at a given annual rate of return. By dividing 72 by the annual rate of return (12 percent in this case), we get 72 / 12 = 6 years.

Samantha Jee Put $3,000 into a Mutual Fund Yielding a 12