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stranahan stranahan
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Posts: 3324
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2 years ago
Rory has $2,500 but needs $5,000 to purchase a new golf cart. If he can invest his money at a rate of 12% per year, approximately how many years will it take the money in Rory's account to grow to $5,000? Use the Rule of 72 to determine your answer.
 Note: The golf cart's price may have changed by the time Rory's account reaches a value of $5,000.
A) 4 years
B) 6 years
C) 8 years
D) 2 years
Textbook 

Financial Management: Core Concepts


Edition: 2nd
Author:
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waspchichesterwaspchichester
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Posts: 253
2 years ago
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B -- (72/12) = 6 years via the rule of 72
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Thanks Smiling Face with Open Mouth and Tightly-closed Eyes
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thank you
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