Ask Question
BusinessBusiness
19 January, 18:13

According to the rule of 70 if the interest rate is 5 percent how long will it take for the alue ofa savings account to double

+5
Answers (1)
  1. 19 January, 20:41
    0
    The correct answer is that is will take 14 years for the savings account to double in value.

    The rule of 70 is the concept that an investment will double in value in the amount of time that you get when you divide 70 by the annual interest rate. In this case you divide 70 by 5, which equals 14. Therefore, according to the rule of 70, it will take 14 years for this money to double in value.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “According to the rule of 70 if the interest rate is 5 percent how long will it take for the alue ofa savings account to double ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Relevant costs in a make-or-buy decision of a part include: A. setup overhead for the manufacture of the product using the outsourced part B. currently used manufacturing capacity that has alternative uses C.
Answers (1)
Suppose that the demand for loanable funds for car loans in the Milwaukee area is $12 million per month at an interest rate of 10 percent per year, $13 million at an interest rate of 9 percent per year, $14 million at an interest rate of 8 percent
Answers (1)
Ivonne has bought shares of RIO, Inc. stock for $25.00 per share. She expects a 1.00 dividend at the end of this year. After 2 years, she expects to receive a dividend of $1.25 and to sell the stock for $28.75.
Answers (2)
N the event of a fire, what is the best way to determine if a door is safe to open? a. Avoid touching it except to kick it open b. Check it for heat with your forearm c. Check it for heat with the back of your hand d.
Answers (1)
What should you do with your paycheck stub? Send it to the IRS. Give it back to your employer. Save it for your records.
Answers (2)
New Questions in Business
A production line at V. J. Sugumaran's machine shop has three stations. The first station can process a unit in 5 minutes.
Answers (1)
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another?
Answers (1)
Taylor product inc. distributed 100 million coupons in 2016. the coupons are redeemable for 30 cents each. taylor anticipates that 70% of the coupons will be redeemed. the coupons expire on december 31, 2017.
Answers (1)
What is a goal of federal minimum wage who benefits from it?
Answers (1)
ABC Hotels, Inc. has signed a service outsourcing contract with XYZ Rooms, Inc. for $5 million, which was received in cash at contract inception.
Answers (1)
Home » Business » According to the rule of 70 if the interest rate is 5 percent how long will it take for the alue ofa savings account to double
Sign Up Forgot Password?