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

question 130

Multiple Choice

According to the rule of 70,if the interest rate is 5 percent,how long will it take for the value of a savings account to double?

• A)about 3.5 years
• B)about 6.3 years
• C)about 12 years
• D)about 14 years

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Definitions:

Financial Goals

Objectives, often quantifiable, set by individuals or organizations to manage their income, expenses, savings, and investments over a certain period of time.

Credit Card

A payment card issued by banks allowing the cardholder to borrow funds for purchases or cash advances, repayable with interest.

Leisure Expenses

Money spent on activities and products for relaxation, entertainment, or enjoyment outside of work or essential living costs.

ABC Method

A time management technique that helps prioritize tasks by categorizing them into three groups; A (most important), B (important), and C (least important).