Answer:
Number of Years to Double= 15.65
Step-by-step explanation:
Giving the following information:
Interest rate= 0.044/4= 0.011
Annual compound interet rate= (1.011^4) - 1= 0.4473
The rule of 72 is a means of estimating the number of years it takes for an investment or your money to double.
Number of Years to Double= 70/Annual Rate of Return
Number of Years to Double= 70/4.473
Number of Years to Double= 15.65
