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10 July, 00:42

Sari puts $100 into an account with an interest rate of 10 percent. According to the rule of 70, about how much does she have at the end of 21 years?

a. $800

b. $210

c. $1,010

d. $300

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Answers (1)
  1. 10 July, 01:04
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    The correct answer is A: $800

    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 = 70/10 = 7 years

    I=100

    i=0,10

    Every 7 years the investment duplicates.

    7 years = 200

    14 years = 400

    21 years = 800
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