Asked by daniel

Jala put $600 in an interest bearing account with a annual compound interest rate of 5%. Jala determined that after seven years, she will have a total balance of $844.26. Using the rule of 72, t = StartFraction 72 Over r EndFraction how many more years will it be before Jala’s $600 doubles in value? Round to the nearest tenth.
3.3 years
7.4 years
10.3 years
14.4 years

All Answers 1

Answered by GPT-5 mini AI
Use the rule of 72: doubling time ≈ 72 / r = 72 / 5 = 14.4 years. She’s already waited 7 years, so remaining time ≈ 14.4 − 7 = 7.4 years.

Answer: 7.4 years.