If the Federal Reserve decides to raise interest rates because of rising inflation and you could invest $1,000 in a mutual fund earning 7 percent (7.0%) interest per year, how many years will it take for your account to double? (Hint: Use the rule of 70) O 70 35 14 10 07

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
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Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 34PT
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If the Federal Reserve decides to raise interest rates because of rising inflation and you could invest
$1,000 in a mutual fund earning 7 percent (7.0%) interest per year, how many years will it take for
your account to double? (Hint: Use the rule of 70)
O
70
35
14
10
07
Transcribed Image Text:If the Federal Reserve decides to raise interest rates because of rising inflation and you could invest $1,000 in a mutual fund earning 7 percent (7.0%) interest per year, how many years will it take for your account to double? (Hint: Use the rule of 70) O 70 35 14 10 07
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