According to the Rule of 70,if the Interest Rate Is

question 38

Multiple Choice

According to the rule of 70,if the interest rate is 10 percent,about how long will it take for the value of a savings account to double?

• A)about 6.3 years
• B)about 7 years
• C)about 7.7 years
• D)about 10 years

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Definitions:

Days' Sales

A financial ratio that indicates the average time in days that a company takes to turn its inventory into sales.

Inventory

The raw materials, work-in-progress goods, and completely finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Source Of Cash

Refers to the origins of funds for a business or individual, such as operations, financing activities, or investment returns.

Asset Account

This refers to any account on a company's balance sheet that represents a tangible or intangible resource owned by the company that has economic value.