Task: Solve the following using The Rule of 72. Show all work.
problem1. You anticipate earning 8% per year on your investment. When you invest $3000 today, how much will your investment be worth in the 9 years?
problem2. You desire to have $40,000 accessible to finance a trip around the world in 12 years. You estimate which you can earn 12% on your investment. How much do you require to deposit today to meet your goal?
problem3. A new Grady White fishing boat cost $5000 in 1979. Today, the extremely same boat costs around $40,000. Estimate the average annual inflation rate, by using the Rule of 72.
problem4. You invest $2000 today and anticipate earning 9% per year. How many years will it take for your investment to grow to $32,000?