Explain rule of 70, How long will it take for your money to

Explain rule of 70

Reference no: EM13176024

Suppose that you deposit a certain amount of money in a savings account with interest rate of 2% per year.

a. How long will it take for your money to double? Show your calculations. You are not allowed to use any approximation formulas, such as the "rule of 70". Round your answer to 5 decimal places.

b. Calculate the approximate doubling time using the "rule of 70".

Reference no: EM13176024

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