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Earn +20 ptsQ: What is the formula for the rule of 72?
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What is the formula for double growth annuity rate?
It is called the rule of 72. You take the interest rate you will be receiving and divide that number into 72. the answer will be the number of years it will take you to double your money at that interest rate.
What is rule 72?
How long it will take for your money to double/divide the annual interest rate into 72.
Solve using the rule of 72 rate equals 4 percent years equals 18 fv equals 8000 solve for pv?
Solve, using the Rule of 72 rate = 4%, years = 18, fv=$8,000. Solve for PV. Formula: PV = $1/(1+r) t PV = $8000/(1+.04) 18 PV = $8000/2.0258 3949.03 = $8000/2.20258
What does formula mean math?
formula- a rule or principle, frequently expressed in algebraicsymbols.
Who came up with the rule of 72?
Benjamin Franklin came up with this equation.
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