Miguel plans on retiring in 16 years, and he wants to double his money by that time. He's contacted various banks, looking for a CD that compounds interest monthly, and to calculate what annual interest rate he needs, he is using the Rule of 72. Answer all parts below. Part I: What is the rule of 72? To represent the annual interest rate, user.
Part ll: What equation can Miguel set up to solve for the annual interest rate he needs to double his money by the time he retires?
Part lll: What annual interest rate does Miguel need to double his money by the time he retires?
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