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Homework Quiz. Rule of 72. Interest Rate . Years for money to double. 9 years 6 12 36 2400 years. 8% 12% 6% 2% .03%. I = P x R x T.

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Rule of 72
Rule of 72

Interest Rate

Years for money to double

9 years

6

12

36

2400 years

  • 8%

  • 12%

  • 6%

  • 2%

  • .03%


I p x r x t
I = P x R x T

  • Sally is saving money for college and she currently has $200 in her savings account. Her bank pays a rate of 1% on her money. If her money compounds annually, what will her account be worth in three years?

  • I= ???

  • P= 200

  • R= .01

  • T= 1 year (three times)


Solution
Solution

  • 200 x .01 x 1 = 2.00

  • 202 x .01 x 1 = 2.02

  • 204.02 x .01 x 1 = 2.04

  • 206.06



What if her money compounded monthly
What if her money compounded monthly?

  • For fifty years?

  • 329.68


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