Mathematics, 06.10.2020 22:01 jemseidle8889
Miguel plans on retiring in 16 years, and he wants to double his money by that time. He's 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 Miguel 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 Miguel need to double his money by the time he retires?
Answers: 1
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Miguel plans on retiring in 16 years, and he wants to double his money by that time. He's contacted...
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