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Credit and Loans

Question 4 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

If Cody sold all his stocks and put the total amount in an account with 5% interest, in how many years would his money double?

Answer
A
about 14 years
B
about 67 years
C
about 77 years

Explanation

At 5% annual interest, the Rule of 72 estimates doubling time as 72 ÷ 5 = 14.4 years. So Cody’s money would double in about 14 years, matching choice A.

AI-written and checked against the verified answer.

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