According to the rule of 70, if the interest rate on a bank deposit is 5% per year, how long will it take for the bank deposit to double in value?
A) 25 years
B) 20 years
C) 14 years
D) It depends on the amount of bank deposit.

Question

Quizplus · Accepted Answer

The rule of 70 states that to find the approximate number of years for an investment to double in value, divide 70 by the annual interest rate. 
In this case, 70 divided by 5 is 14, so it would take approximately 14 years for the bank deposit to double in value. Thus, option C is the correct answer.

According to the Rule of 70, If the Interest Rate