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:

Operating Activities

Operating activities involve the primary revenue-generating activities of an organization, including production, sales, and delivery of the company’s product as well as administrative and general expenses.

Salaries Expense

The cost incurred by a business to pay its employees for services rendered during a specific period.

Unearned Revenues

Money received by a company for goods or services yet to be delivered or performed, recorded as a liability.

Operating Cash Payments

Cash outflows related to the primary revenue-generating activities of a business, such as payments to suppliers and employees.