The Rule of 72 States That It Will Take _____

question 58

Multiple Choice

The Rule of 72 states that it will take _____ years for a savings account to double at a 9% annual interest rate.

• A) 8
• B) 9
• C) 6.5
• D) 6.1

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Definitions:

Market Value

The current price at which an asset or service can be bought or sold in a fair and open market.

Right To Foreclose

The legal right of a lender or mortgage holder to seize property in the event of nonpayment of debt.

Mortgage Loan

A loan secured by the collateral of some specified real estate property, which the borrower is obliged to pay back with a predetermined set of payments.

Default

Failure to fulfill a legal obligation or agreement, typically in the context of a loan or contractual payment.