Using the rule of 72, approximate the following amounts. a. If the value of land in an area is increasing 7.5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.) Time period years b. If you earn 9 percent on your investments, how long will it take for your money to double? (Round your answer to 1 decimal place.) Time period years c. At an annual interest rate of 4.5 percent, how long will it take for your savings to double? (Round your answer to 1 decimal place.) Time period years Explanation: a. About 9.6 years (72/7.5) b. About 8 years (72/9) c. About 16 years (72/4.5)

Using the rule of 72, approximate the following amounts.   

a.	If the value of land in an area is increasing 7.5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)

  

Time period

years

  

b.	If you earn 9 percent on your investments, how long will it take for your money to double? (Round your answer to 1 decimal place.)

  

Time period

years

  

c.	At an annual interest rate of 4.5 percent, how long will it take for your savings to double? (Round your answer to 1 decimal place.)

  

Time period

years

Explanation:

a.	About 9.6 years (72/7.5)

  

b.	About 8 years (72/9)

  

c.	About 16 years (72/4.5)