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Answered

Jordan wants to know how long it will take for the money she deposited to double. She has an interest rate of 4 percent. Calculate how long it will take her money to double.

Verified Answer :

4% X 18 (years) = 72.
Therefore, the investment will double in 18 years.

amniotecardamom

Answer:

18 years

Explanation:

To calculate the time an investment will double in value, simply apply the "rule of 72," a rule used in economics and finance, to analyze the time an investment will double, taking its interest rate into account.

The formula is to divide 72 by the interest rate. The result will be the time (in years) required for the value to be doubled.

So:

If the rate is 4%

Now let's divide 72 by 4%

72/4 = = 18 years

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