Estimate the average annual inflation rate

Reference no: EM13303563

A new Grady White fishing boat cost $5000 in 1979. Today, the very same boat costs around $40,000. Estimate the average annual inflation rate, using the Rule of 72.

You invest $2000 today and expect ot earn 9% per year. how many years will it take for your investment to grow to $32,000?

Reference no: EM13303563

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