Problema Solution

at 8%, $500 would be worth how much in 45 years. use the rule of 72

Answer provided by our tutors

if you were to invest $500 with compounding interest at a rate of 8% per annum, the rule of 72 gives 72/8 = 9 years required for the investment to be worth $1000.

and 45 year it will become 2^5 times,i.e

32 times of intial invest amount=$32000