Lars deposited $50 into a savings account for which interest is compounded quarterly. according to the rule of 72, what interest rate will cause his money to double in approximately 29 years?

a 0.6%
b 1.7%
c 2.5%
d 0.4%

C 2.5%

Step-by-step explanation:

The "Rule of 72" is a easy way to calculate how much time an investment will take to double with a given fixed annual rate of interest.

Just we have to divide 72 by the annual rate of return(r), we can get a rough estimate of how many years it will take to double the initial investment .

Now, in given problem: Let 'r' be the rate of interest

Time to double the amount=29 years

Thus by rule 72 ,

Therefore, C is the right option.

the entire expression should be subtracted from 30. to subtract the quantity, distribute the negative sign, which changes the signs on the terms. so, the –2 changes to positive and gets added to 30 instead of subtracted from it.

hope this ! ^w^

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step-by-step explanation: