Ask Question
16 March, 10:33

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 the $1 in change, this person had deposited it into a bank and earned 2 percent interest every year for 140 years, how much would be in the account today according to the rule of 70?

a. $8

b. $32

c. $4

d. $16

+4
Answers (1)
  1. 16 March, 14:32
    0
    The correct answer is D: $16

    Explanation:

    The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double.

    Number of Years to Double = 70/Annual Rate of Return

    In this exercise = 70/2 = 35 years

    Every 35 years the investment duplicates.

    35 years = $2

    70 years = $4

    105 years = $8

    140 years = $16
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers