Compound Interest Question 22 Question 22. If you invested $1000, is it true your money will be doubled after 7 years? Support your answer with the results of your calculations. Scoring Guide: 1: YES or ALMOST or NO or NOT QUITE (in 7 years) with EITHER of the following: exact calculation of ($)1,948.72 or ($)1,948.71 (or rounded variants) • A of as the basis for deciding whether the computational ‘rule thumb’ • amount is doubled. (An example is rule of which says that “the 72”, dividing 72 by the interest rate gives you roughly the number of years it will take the initial amount to double) 7: Any other response 0: Question refused/not done
Compound Interest Question 22 Question 22. If you invested $1000, is it true your money will be doubled after 7 years? Support your answer with the results of your calculations. Scoring Guide: 1: YES or ALMOST or NO or NOT QUITE (in 7 years) with EITHER of the following: • exact calculation of ($)1,948.72 or ($)1,948.71 (or rounded variants) • A computational ‘rule of thumb’ as the basis for deciding whether the amount is doubled. (An example is “the rule of 72”, which says that dividing 72 by the interest rate gives you roughly the number of years it will take the initial amount to double) 7: Any other response 0: Question refused/not done