You are tearing down a building and find $1 in change that someone lost when working on the building 140 years ago.If instead of being careless with their change,this person had deposited their $1 in a bank and earned 2 percent interest,how much would be in the account today according to the rule of 70?
A)$4
B)$16
C)$32
D)None of the above is correct.

Question

Quizplus · Accepted Answer

The rule of 70 estimates the doubling time of an investment by dividing 70 by the interest rate. At 2% interest, the money doubles approximately every 35 years (70/2). Over 140 years, the money would double 4 times (140/35), resulting in $16 ($1 doubled 4 times: $2, $4, $8, $16).

You Are Tearing Down a Building and Find $1 in Change