Lance Has $3,500 but Needs $7,000 to Purchase a New

question 61

Multiple Choice

Lance has $3,500 but needs $7,000 to purchase a new golf cart.If he can invest his money at a rate of 12% per year,approximately how many years will it take the money in Lance's account to grow to $7,000? Use the Rule of 72 to determine your answer. Note: The bicycle's price may have changed by the time Lance's account reaches a value of $7,000.

• A)2 years
• B)4 years
• C)6 years
• D)8 years