If you invest $1,000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____.

Question

Quizplus · Accepted Answer

To calculate how long it takes for the account balance to double, we use the rule of 72. Divide 72 by the annual interest rate (in this case, 3.6), and the result is the number of years it takes for the account to double in value. So, 72 ÷ 3.6 = 20. Therefore, the answer is D) 20 years.

If You Invest $1,000 in a Savings Account and the Annual