Rule of 72 Approximately What Interest Rate Is Needed to Double

question 50

Multiple Choice

Rule of 72 Approximately what interest rate is needed to double an investment over 8 years?

• A) 8%
• B) 9%
• C) 12%
• D) 100%

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Definitions:

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, depending on the account type.

Internal Control

Systems and processes implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.

Objectives

The goals or aims that an organization or individual strives to achieve over a certain period.

Implementation

The process of putting a decision or plan into effect; execution of a plan, idea, or policy.