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
128 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)
What is the derivative of h(x) = sinh(x) - cosh(x) at x = 0?
+
What is the limit of (2x^3 - 5x^2 + 3x - 7)/(x^2 - 4x + 3) as x approaches 3?
+
What is the measure of angle B in a triangle with angles A and C, where A = 35° and C = 75°?
+
New questions in Mathematics
-6(3x-4)=-6
-8+3/5
A hotel in the Algarve had to offer 1 week of vacation to one of its employees as an Easter gift in a random choice. It is known that 80 people work in this hotel unit, 41 of whom are Portuguese and 39 are foreign nationals. There are 14 Portuguese men and 23 foreign women. Using what you know about conditional probability, check the probability that the gift was offered to a Portuguese citizen, knowing that it was a woman.
Determine the equations of the lines that pass through the following points P1 (2;-1) and p2 (4;-1)
Derivative of x squared
4x-3y=5;x+2y=4
A job takes 9 workers 92 hours to finish. How many hours would it take 5 workers to complete the same job?
Divide 22 by 5 solve it by array and an area model
7/6-(-1/9)
The average number of babies born at a hospital is 6 per hour. What is the probability that three babies are born during a particular 1 hour period?
The price per night of a suite at the Baglioni Hotel in Venice is 1896 euros, VAT included. The VAT in Italy is 25%. The hotel gets a return of 10% out of the price VAT included. a) What is the amount of VAT paid by the hotel for one
Calculate the value of a so that the vectors (2,2,−1),(3,4,2) and(a,2,3) are coplanar.
Use linear approximation to estimate the value of the sine of 31o.
TEST 123123+123123
A natural gas company has a fixed rate of 1,320 pesos plus 1,590 pesos per cubic meter of gas consumed monthly per customer. Indicate the cost function to determine the value in pesos of the cubic meters of gas consumed in a month per customer. How much did a customer who consumed 18 cubic meters of gas pay? If a customer paid 34,710 pesos, how many cubic meters of gas did he consume?
(6²-14)÷11•(-3)
A post office has three categories of letters: 60% are from businesses, 30% are individual mail, and the remaining 10% are government mail. 5% of the letters from businesses have address errors, 10% of the individual mail has address errors, while 1% of the government mail has address errors. If we receive a letter with an address error, what is the probability that it is individual mail?"
The inner radius of a spherical ball is 13 cm. How many liters of air are in it? Justify your answer!
Hola👋🏻 Toca en "Crear Nueva Tarea" para enviar tu problema de matemáticas. ¡Uno de nuestros expertos comenzará a trabajar en ello de inmediato!
Solve the system of equations by the addition method. 0.01x-0.08y=-0.1 0.2x+0.6y=0.2