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Sherman entered the following values into the TVM Solver on his graphing
calculator
N=
I%=3.7
PV=-49
PMT=0
FV=98
P/Y=1
C/Y=1E11
PMT:ENU BEGIN
What does the rule of 69 predict will be the approximate value of N?
A. 13.2
B. 18.6
C. 19.5
D. 26.5

Sherman entered the following values into the TVM Solver on his graphing calculator N I37 PV49 PMT0 FV98 PY1 CY1E11 PMTENU BEGIN What does the rule of 69 predic class=

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sqdancefan

Answer:

  B. 18.6

Step-by-step explanation:

The 'rule of 69' says the value will be doubled in 69/i years, where i is the annual interest rate in percent (compounded continuously). The interest rate is given as 3.7%, so the prediction is

  n = 69/3.7 = 10.649

  n ≈ 10.6

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