Fourteen years ago William put money in his account at First National Bank. William decides to cash in his account and is told that his money has quadrupled. According to the rule of 70, what rate of interest did Alfred earn?
a. 5 percent
b. 7 percent
c. 10 percent
d. 14 percent
c
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It is efficient to produce an additional shirt if the
A) marginal social benefit of producing the shirt is greater than zero. B) marginal social benefit of producing the shirt is zero. C) marginal social benefit of producing the shirt is greater than the marginal social cost of producing it. D) total social benefit from producing shirts is maximized.
The quantity demanded of money decreases as the supply of money increases
Indicate whether the statement is true or false
Draw a graph of the labor supply curve. Place an X at the point on the curve where the substitution effect and the income effect are exactly balanced.
What will be an ideal response?
Which of the following statements explains the situation when the United States consistently has a large current account deficit over time?
a. The United States exports a larger amount of goods and services than it imports. b. The United States sends more capital abroad than it receives from abroad. c. The United States receives more transfers from abroad than it sends abroad. d. The United States sells more assets to foreigners than it purchases from foreigners.