Problem 1-2 Using the Rule of 72 [LO1-2] Using the rule of 72, approximate the following amounts: a. If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? b. If you earn 14 percent on your investments, how long will it take for your money to double? c. At an annual interest rate of 8 percent, how long will it take for your savings to double? Complete this question by entering your answers in the tabs below. Required a Required b Required c If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? Note: Round your answer to 1 decimal place. Time period years כי
Problem 1-2 Using the Rule of 72 [LO1-2] Using the rule of 72, approximate the following amounts: a. If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? b. If you earn 14 percent on your investments, how long will it take for your money to double? c. At an annual interest rate of 8 percent, how long will it take for your savings to double? Complete this question by entering your answers in the tabs below. Required a Required b Required c If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double? Note: Round your answer to 1 decimal place. Time period years כי
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 15PROB
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![Problem 1-2 Using the Rule of 72 [LO1-2]
Using the rule of 72, approximate the following amounts:
a. If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double?
b. If you earn 14 percent on your investments, how long will it take for your money to double?
c. At an annual interest rate of 8 percent, how long will it take for your savings to double?
Complete this question by entering your answers in the tabs below.
Required a Required b
Required c
If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double?
Note: Round your answer to 1 decimal place.
Time period
years
<Required a
Required b>
כי](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3dd1216d-e2ff-4b1f-8f0a-24102cb114b0%2F416dd2bf-cec8-4df2-8964-7a87a1177bd7%2F4jk99wh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 1-2 Using the Rule of 72 [LO1-2]
Using the rule of 72, approximate the following amounts:
a. If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double?
b. If you earn 14 percent on your investments, how long will it take for your money to double?
c. At an annual interest rate of 8 percent, how long will it take for your savings to double?
Complete this question by entering your answers in the tabs below.
Required a Required b
Required c
If the value of land in an area is increasing 5 percent a year, how long will it take for property values to double?
Note: Round your answer to 1 decimal place.
Time period
years
<Required a
Required b>
כי
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