Apex personal finance
Mack opened a CD 10 years ago at an interest rate of 7.8% compounded monthly. According to the rule of 72, when did she have half as much money as she does now?
A. About 9.2 years ago
B. About 4.6 years ago
C. About 3.9 years ago
D. About 7.8 years ago
asked by
Mason

9.2 years ago
posted by Anonymous
Respond to this Question
Similar Questions

value of money
A deposit of $2,000 earns interest at a rate of 14% compounded quarterly. After two and a half years the interest rate changes to 13.5% compounded monthly. How much is in the account after six years? 
Math
I need help with these few questions on my homework please :) 1. How much money would you need to pay to receive a payout annuity of $8,503.05 annually for 10 years, assuming your money earns 7.5% compounded annually? Assume that 
Math
I need help with these few questions on my homework please :) 1. How much money would you need to pay to receive a payout annuity of $8,503.05 annually for 10 years, assuming your money earns 7.5% compounded annually? Assume that 
Finite Math and Applied Calculus
Betty Sue sets up a retirement account. For the first 35 years, she deposits $500 at the end of each month into an account with an annual interest rate of 3.6%, compounded monthly. Then, she stops making monthly payments and 
Business Math
A couple purchased a home 5 years ago with a 20year mortgage for $50,000 at an interest rate of 6% compounded monthly. The home is now valued at $90,000. A) How much are the couple's monthly payments? B)What is their balance 
Math
Mark put $3290 into a bank that offered 3% interest rate compounded monthly. Mark kept the money in this account for 9 years and then moved all this money to a new account that offered 6% interest rate compounded weekly. Do not 
math
A deposit of $2,000 earns interest at a rate of 14% compounded quarterly. After two and a half years the interest rate changes to 13.5% compounded monthly. How much is in the account after six years? 
MATH 12
Kalpna opened this portfolio 4 years ago.  A $8500 fund that earns 5.45%, compounded annually  Monthly deposits of $200 into an account earning 3%, compounded monthly a) What will be the portfolio's value in 30 years when Kalpna 
Math
If you finance $50,000 of the purchase of your new home at 4.40% compounded monthly for 30 years, the monthly payment will be $250.38. If instead your had a rate of 4.80% compounded monthly for 15 years, the monthly payment will 
Math
Mary B deposits $8500 into a savings account, compounded monthly at a nominal interest rate of 9 percent, as part of a savings plan that she would like to undertake in 5 years. 1) What is the effective interest rate per annum? 2)