In your first year out of college you hope to earn $60,000 per year. How many years will you have to work until you earn $120,000 if your income increases at a rate of 10% per year? Use the Rule of 72 to determine your answer
A) You would need to work for just over 5 years to reach an income level of $100,000 per year.
B) You would need to work for just over 6 years to reach an income level of $100,000 per year.
C) You would need to work for just over 7 years to reach an income level of $100,000 per year.
D) You would need to work for just over 8 years to reach an income level of $100,000 per year.
Answer: C
Explanation: C) = 7.2 years via the Rule of 72.
Business
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