Lars deposited $50 into a savings account for which interest is compounded quarterly. according to the rule of 72, what interest rate will cause his money to double in approximately 29 years?

a 0.6%
b 1.7%
c 2.5%
d 0.4%

C 2.5%

Step-by-step explanation:

The "Rule of 72" is a easy way to calculate how much time an investment will take to double with a given fixed annual rate of interest.

Just we have to divide 72 by the annual rate of return(r), we can get a rough estimate of how many years it will take to double the initial investment .

Now, in given problem: Let 'r' be the rate of interest

Time to double the amount=29 years

Thus by rule 72 ,

Therefore, C is the right option.