Answer:
After 24 years the money is doubled
Step-by-step explanation:
Given that mike has his money in a savings account earning 3 percent interest.
we have to find in how much time the money is double.
Here we apply the rule of 72
72 rule is a simple rule to find how long an investment will take to double given fixed annual rate of interest.
By dividing 72 by the annual rate of return, we get the time i.e in how many years it will take the money to double.
[tex]Time=\frac{72}{\text{interest percent}}=\frac{72}{3}=24 years[/tex]
Hence, the answer is 24 years.
