Rory has 2500 but needs 5000 to purchase a new golf cart if, Ask an Expert

Finance

Rory has $2,500 but needs $5,000 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 Rory's account to grow to $5,000? Use the Rule of 72 to determine your answer.

Note: The golf cart's price may have changed by the time Rory's account reaches a value of $5,000.

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