2. 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. (3 points: Part 1 - 1 point; Part
11 - 1 point; Part III - 1 point)
Part I: What is the rule of 72? To represent the annual interest rate, user.
I
Part 2: 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 3: What annual interest rate does Miguel need to double his money by the time he retires?
Answers: 1
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2. Miguel plans on retiring in 16 years, and he wants to double his money by that time. He's
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