On january 1, 1990, emilio deposited $1650 into a savings account paying 6.2% interest compounded monthly. if he hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did his balance hit $3300, according to the rule of 72?

In 2001 years hit $3300

Step-by-step explanation:

On January 1,1990

Emilio deposited $1650 into saving account paying 6.2% interest compounded monthly.

Rule of 72

Rate = 6.3%

In 11.61 years amount hit $3300 into account.

Reference year was 1990. After 11 years hit $3300

Therefore, 1990 + 11 = 2001

At t=0 , January 1, 1990

At t=11.61, July 10, 2001

Thus, In 2001 years Emilio hit $3300 into account.

450

step-by-step explanation:

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