Answer: The answer is 24 years.
Explanation: For this exercise we can use the rule of 72, this rule is by which investors can estimate how many years it will take for an initial investment to double. If you know the rate of return, you can know the time needed and if you know the time, you can calculate approximately the rate of return.
RULE OF 72 = APY% x NUMBER OF YEARS = 72
If we apply the formula it results =
3 × n = 72
n = [tex]\frac{72}{3}[/tex]
n = 24.
