In order to increase income by 50%, three more years of education are required.
When calculating the number of years required to double an investment at a certain annual rate of return, the Rule of 72 is a popular formula. As an alternative, it can calculate the annual rate of compounded return to determine how many years it will take to double an investment.
Even though calculators and spreadsheet applications like Microsoft Excel have features to exactly calculate the precise time needed to double the invested money, the Rule of 72 is handy for quick mental calculations to approximate a figure.
Using the rule of 72,
1.16² = 1.3456
1.16³ = 1.5608
It is evident that 1.163 > 1.5.
Therefore, three more additional years of schooling are needed to double revenue by 50%.
Learn more about Rule of 72 from the given link:
https://brainly.com/question/1750483
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