Question

The question is using rule 72 determine Kari wants to save 10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current 5,000 savings based on 6%, 12% and 18% interest rate .

155

likes
774 views

Answer to a math question The question is using rule 72 determine Kari wants to save 10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current 5,000 savings based on 6%, 12% and 18% interest rate .

Expert avatar
Hermann
4.6
126 Answers
To find the difference in years it will take Kari to double her current savings based on different interest rates, we will use the rule of 72 formula.

The rule of 72 states that the approximate number of years it takes to double an investment is equal to 72 divided by the annual interest rate.

Let's calculate the difference in years for each interest rate:

1. For an interest rate of 6%:
Using the rule of 72 formula, we have: \frac{72}{6} = \text{number of years}
Simplifying, we find: \text{number of years} = 12 years.

2. For an interest rate of 12%:
Using the rule of 72 formula, we have: \frac{72}{12} = \text{number of years}
Simplifying, we find: \text{number of years} = 6 years.

3. For an interest rate of 18%:
Using the rule of 72 formula, we have: \frac{72}{18} = \text{number of years}
Simplifying, we find: \text{number of years} = 4 years.

Therefore, the difference in years it will take Kari to double her current $5,000 savings based on 6%, 12%, and 18% interest rates is:
- 12 years for a 6% interest rate,
- 6 years for a 12% interest rate, and
- 4 years for an 18% interest rate.

Answer: The difference in years for Kari to double her current $5,000 savings is 12 years at 6%, 6 years at 12%, and 4 years at 18% interest rate.

Frequently asked questions (FAQs)
Question: Find the period and amplitude of the tangent function f(x) = tan(x).
+
Math question: Calculate the limit as x approaches 3 of [(2x+1)^2 - 16]/(x-3)
+
What is the resultant displacement when a vector of magnitude 45 units at 30° north of east is added to a vector of magnitude 60 units at 45° south of west?
+
New questions in Mathematics
A particular employee arrives at work sometime between 8:00 a.m. and 8:50 a.m. Based on past experience the company has determined that the employee is equally likely to arrive at any time between 8:00 a.m. and 8:50 a.m. Find the probability that the employee will arrive between 8:05 a.m. and 8:40 a.m. Round your answer to four decimal places, if necessary.
Solution of the equation y'' - y' -6y = 0
Use the digits of 1,9,2,3 to come up with all the numbers 98 and 95
3(2+x)-2(2x+6)=20-4x
Given that y = ×(2x + 1)*, show that dy = (2x + 1)" (Ax + B) dx where n, A and B are constants to be found.
3x+2/2x-1 + 3+x/2x-1 - 3x-2/2x-1
An integer is taken at random from the first 40 positive integers. What is the probability that the integer is divisible by 5 or 6?
Perpetual annuities are a series of payments whose duration has no end. Explain how can we calculate them, if they have no end?
2/3+5/6×1/2
By direct proof, how can you prove that “The sum of any three consecutive even integers is always a multiple of 6”.
prove that if n odd integer then n^2+5 is even
Prove that it is not possible to arrange the integers 1 to 240 in a table with 15 rows and 16 columns in such a way that the sum of the numbers in each of the columns is the same.
(1) July 1, 2008: Receives $25,000 from Quinn Zealick for 25,000 shares of the stock common face value $1 from the bookstore. (2) July 1, 2008: Obtains $30,000 loan from local bank for needs of working capital. The loan earns 6% interest per year. The loan is payable with interest on June 30, 2009. (3) July 1, 2008: Sign a three-year rental agreement at an annual rent of $20,000 Pay the first year's rent in advance. (4) July 1, 2008: Purchases shelves for $4,000 in cash. The shelves have an estimated useful life of five years and zero residual value. (5) July 1, 2008: Purchase computers for $10,000 in cash. The computers They have an estimated useful life of three years and $1,000 in residual value. (6) July 1, 2008: Makes guarantee deposits with various book distributors for a total of $8,000. Deposits are refundable on June 30, 2009 if the bookstore pays on time all amounts payable for books purchased from distributors between July 2008 and June 30, 2009. (7) During 2008: Purchases books on account from various distributors for a cost of $160,000. (8)During 2008: Sells books costing $140,000 to $172,800. Of the total sales, $24,600 corresponds to cash and $148,200 is on account. (9) During 2008: Returns unsold books and books ordered in error for a cost of $14,600. The company had not yet paid for these books. (10) During 2008: Collected $142,400 from sales on account. (11) During 2008: Pays employees salaries of $16,700. (12) During 2008: Pays $139,800 to book distributors of the amounts payable for purchases on account. (13) December 28, 2008: Receives customer advances of $850 due to order books special that the bookstore will order and expects to receive during 2009. (14) December 31, 2008: Record the corresponding amount of interest expense on the loan in (2) for 2008. (15) December 31, 2008: Record the corresponding amount of rental expense for 2008. (16) December 31, 2008: Record the corresponding amount of depreciation expense on the shelves in (4). (17) December 31, 2008: Record the corresponding amount of depreciation expense about computers in (5). (18) December 31, 2008: Record the corresponding amount of income tax expense. profits for 2008. The income tax rate is 40%. The taxes are paid on March 15, 2009. (1) March 15, 2009: Pays 2008 income tax. (2) June 30, 2009: Pay off the bank loan with interest. (3) July 1, 2009: Obtains a new bank loan for $75,000. He loan is payable on June 30, 2010, with 8% interest payable to the expiration. (4) July 1, 2009: Receives security deposits from book distributors. (5) July 1, 2009: Pay the rent corresponding to the period from July 1 2009 to June 30, 2010. (6) During 2009: Purchase books on account for a cost of $310,000. (7)During 2009: Sold books for a cost of $286,400 for $353,700. Of the total sales, $24,900 corresponds to cash, $850 corresponds to special orders received during December of 2008 and $327,950 are on account. (8) During 2009: Returns unsold books at a cost of $22,700. The company has not yet I had paid for these books. (9) During 2009: Collects $320,600 from sales to accounts. (10) During 2009: Pays employees compensation of $29,400. (11) During 2009: pays $281,100 to book distributors for book purchases from account. (12) December 31, 2009: Declares and pays a dividend of $4,000.
Use a pattern to prove that (-2)-(-3)=1
Find each coefficient described. Coefficient of u^2 in expansion of (u - 3)^3
cube root of 56
Evaluate ab+dc if a=56 , b=−34 , c=0.4 , and d=12 . Write in simplest form.
How many moles are there in 235 grams of potassium thiosulfate pentahydrate? K2S2O3*5(H2O)
16-(x²+x+2)²
A gas is leaking at 3.5ft3/min in a room of 2.9m by 6.9ft by 15.7m. How long would it take (in seconds) for 22% of the room to reach the LFL, if the gas has a LFL of 2.51%?