According to the rule of 70,if a person's saving doubles in 10 years,what interest rate were they earning?
A)3.5
B)7
C)14
D)None of the above is correct.

Question

Quizplus · Accepted Answer

The rule of 70 is a way to estimate the number of years it takes for a quantity to double, given a fixed annual rate of growth. It states that you divide 70 by the annual growth rate to get the doubling time. If savings double in 10 years, the interest rate is 70/10 = 7%.

According to the Rule of 70,if a Person's Saving Doubles