Asked by Christine Marie on Jul 15, 2024
Verified
The rule of 70 applies to a growing savings account but not to a growing economy.
Rule of 70
A method used to estimate the number of years required for a quantity to double, given its annual growth rate, by dividing 70 by that growth rate.
Growing Economy
Describes an economy that is experiencing an increase in goods and services produced over time, indicative of economic development and expansion.
- Apply the rule of 70 to analyze the doubling time for investments and economies.
Verified Answer
SS
Seema SinghJul 20, 2024
Final Answer :
False
Explanation :
The rule of 70 applies to both a growing savings account and a growing economy, as it is a way to estimate the number of years required for an investment or economy to double in size at a constant annual growth rate.
Learning Objectives
- Apply the rule of 70 to analyze the doubling time for investments and economies.