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:

Two-column Journal

An accounting ledger that features two columns, typically used for recording debits in one column and credits in the other, to maintain financial transactions.

Equipment Purchase

The acquisition of physical assets like machinery, tools and vehicles needed for the operation of a business.

Fees Earned

Fees earned refer to income gained from providing services, representing the completion of service transactions over a period of time.

Wages Paid

Wages paid are the total amount of money disbursed to employees for work performed during a specific period, including salaries, hourly wages, and bonuses.