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Using the same shortcut at 6% a year, money doubles in about:
A18 years
B12 years
C6 years
D9 years
Answer & Solution
Correct answer: B. 12 years
1. Divide 72 by 6.
2. That gives 12.
3. It takes about 12 years.
_Source: OpenStax Principles of Finance 2e, Chapter 7, Time Value of Money I._
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