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1. If you earn 7% on your bank deposits, the Rule of 70 states that your money will double in value every seven years. True

1. If you earn 7% on your bank deposits, the Rule of 70 states that your money will double in value every seven years.

True

False

2. Opportunity cost is the cost of sacrificing your next best choice.

True

False

3. Suppose you have an outstanding amount left on your credit card. Your average daily balance of $1,000 on your credit card that has a daily rate of 0.00060. Your billing cycle is 30 days. The interest you would pay for this cycle is $18.00.

True

False

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