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How long will it take for $26,000 to double if the interest rate is 6% per...

How long will it take for $26,000 to double if the interest rate is 6% per year to the nearest 1/100th of a year?

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Answer #1

by the rule of 70

amount double in x years =70/rate

=70/6

=11.6666667

=11.67 years

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by future value formula

it will take 11.90 years

the double of $26000 is $52000

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