John Madrid Put $1,000 into a Mutual Fund Yielding an 18

Multiple Choice

John Madrid put $1,000 into a mutual fund yielding an 18% Annual Rate of Return. Using the Rule of 72 calculate approximately how long will it take to double in value.

A) three years, four months
B) three years, seven months
C) four years
D) four years, four months
E) five years