SOLUTION: Sam put $2,000 in a savings account at his bank. After 10 years, his account balance was $4,000. The interest rate on the savings deposit is _

SOLUTION: Sam put $2,000 in a savings account at his bank. After 10 years, his account balance was $4,000. The interest rate on the savings deposit is __%. (Hint: Use the rule of 70 to sol

Question 1093676: Sam put $2,000 in a savings account at his bank. After 10 years, his account balance was $4,000. The interest rate on the savings deposit is
__%. (Hint: Use the rule of 70 to solve this problem.)
NextReset

Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
The rule of 70 is a way to estimate the number of years it takes for a certain variable to double. To estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable.
10=70/int
int=70/10=7
RELATED QUESTIONS
Mark put $2748.00 in his savings account. The bank he uses calculated his interest using (answered by sarah_adam)

The following information was obtained from the accounting records of Kamuka Traders for... (answered by ikleyn)

4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)

Ted put $4000 in his savings account at Bank A. He put $6,000 in an account at Bank B... (answered by stanbon)

Ted put $4,000 in his savings account at Bank A. He put $ 6,000 in an account at Bank B... (answered by gonzo)

Carter expects to live for 30 years more after his retirement. He would like to withdraw... (answered by Theo)

The following aged accounts receivable schedule was prepared for Dulax paints at the end... (answered by ikleyn)

A woman invests $3,000 in a mutual fund for which interest is compounded annually at a... (answered by Solver92311)

Pls answer my question Warren deposited his 12,000.00 in a local bank in 2019. If the (answered by Boreal,Theo)