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04-12-2019
Business

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Manny has his money in a savings account earning 3 percent interest. How long will it take his money to double? twelve years, two years, twenty-four years, or eighteen years

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jepessoa jepessoa

05-12-2019

Answer:

24 years

Explanation:

Since Manny's savings account is yielding a 3% compound interest, he can use the rule of 72 to determine how much time it will take for his money to double:

years to double = 72 / interest rate = 72 / 3 = 24 years

The rule of 72 applies to any investment that yields compound interest.

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