Answered: If you have an investment that is…

If you have an investment that is earning 5.5% annually, use the Rule of 72 to estimate how many years it will take for your investment to double.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section: Chapter Questions

Problem 9DTM

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Concept explainers

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.

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If you have an investment that is earning 5.5% annually, use the Rule of 72 to estimate how many
years it will take for your investment to double.

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