americaflores795 americaflores795

04-04-2020
Mathematics

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Using the rule of 72,= , how long will it take for the principal to double with an annual compound interest rate of 6%?>6 years
>9 years
>12 years
>15 years

Respuesta :

kenlingdad kenlingdad

04-04-2020

Answer:

>12 years

Step-by-step explanation:

P' = P (1 + r)ⁿ

P' = 2P

2P = P (1 + 0.06)ⁿ

1.06ⁿ = 2

n = log₁.₀₆ 2 = 11.9

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