The Rule of 70 States That an Investment Will Double

question 149

True/False

The rule of 70 states that an investment will double in 70/x years, where x is the annual rate of return rate.

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Definitions:

Adjusting Journal Entry

A financial transaction recorded at the closure of an accounting cycle to properly assign earnings and expenses to the corresponding period.

Performed

Carried out or executed a task or function.

Prepaid

Refers to expenses that have been paid in advance of their due date and are recorded as assets until they are actually incurred.

Annual Rent

The total amount paid or to be paid for the use of a property or space for one year.