SOLUTION: A friend tells you that her savings account doubled in 8 years. Use the Rule of 72 to estimate what the APR of her account was.

SOLUTION: A friend tells you that her savings account doubled in 8 years. Use the Rule of 72 to estimate what the APR of her account was.

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Question 1003461: A friend tells you that her savings account doubled in 8 years. Use the Rule of 72 to estimate what the APR of her account was.
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
The rule of 72 says that an amount will double when the product of the percentage and the number of years equals 72...so for 8 years, you would need to earn 9%...
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