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:

Punitive Damages

Compensation awarded to a plaintiff beyond actual damages, intended to punish the defendant for egregious wrongdoing and deter similar behavior.

Compensatory Damages

Financial compensation awarded to a plaintiff to cover actual losses and harm suffered due to another party's actions or negligence.

Punitive Damages

Monetary compensation awarded in lawsuits over and above actual damages, intended to punish the defendant for particularly egregious conduct.

Policy Limits

The highest sum an insurer will disburse for a claim covered by the policy.