According to the Rule of 72,you Can Do Which One

question 64

Multiple Choice

According to the Rule of 72,you can do which one of the following?

• A)double your money in five years at 7.2 percent interest
• B)double your money in 7.2 years at 8 percent interest
• C)double your money in 5 years at 14.4 percent interest
• D)triple your money in 7.2 years at 5 percent interest
• E)triple your money at 10 percent interest in 7.2 years

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Definitions:

Surety

A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling the terms of a contract.

Principal's Obligation

A duty or responsibility that a principal must fulfill as part of an agreement, particularly in agency relationships.

Repayment Period

The time frame agreed upon within a loan agreement for the borrower to pay back the borrowed amount plus any applicable interest.

Promissory Note

Commercial paper or instrument in which the maker promises to pay a specific sum of money to another person, to his order, or to bearer.