Using the Rule of 72,how Long Will It Take $1,000

question 37

Multiple Choice

Using the rule of 72,how long will it take $1,000 to double if you earn 6% interest per year?

• A)12 years
• B)6 years
• C)7)2 years
• D)10 years
• E)Cannot calculate with information provided.

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Definitions:

Liable

Responsible by law; legally answerable for one's actions or inactions.

Personally

Refers to something done by a person directly, without the involvement of anyone else or any intermediaries.

Proper Indorsement

A legally acceptable signature or annotation on a document, such as a check, that authorizes its transfer or acceptance.

Dishonor

The refusal or inability to pay a debt when due, or the failure of a financial instrument, like a check, to be accepted or paid on presentation.