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Using it at 12% a year, money doubles in about:
A8 years
B10 years
C6 years
D12 years
Answer & Solution
Correct answer: C. 6 years
1. Divide 72 by 12.
2. That gives 6.
3. It takes about 6 years.
_Source: OpenStax Principles of Finance 2e, Chapter 7, Time Value of Money I._
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