Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The rule of 70 applies in any growth-rate application. Let's say you have $1000.00 in savings and you have three alternatives for investing these funds.

image text in transcribed
The rule of 70 applies in any growth-rate application. Let's say you have $1000.00 in savings and you have three alternatives for investing these funds. How many years would it take to double your savings in each of the following three accounts? In all cases, give your answers to two decimals. a. a savings account earning 0.50% interest years b. a U.S. Treasury bond earning 4.00% interest years c. a stock market mutual fund earning 8.50% interest years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Statistics

Authors: Mario F. Triola

12th Edition

9780321836960

Students also viewed these Economics questions