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Sam put $2,000 in a savings account at his bank. After 10 years, his account balance was $4,000. The interest rate on the savings deposit is __%. (Hint: Use the rule of 70 to solve this problem.)

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musiclover10045

rule of 70:

 number of years for savings to double = 70/ interest rate

account doubles in 10 years

 so you have 10 = 70/x

x = 70/10 = 7%

Tundexi

The interest rate on the savings deposit equals to 7%.

What will be used to solve this interest rate?

We will employ the use of rule of 70 to determine the duration it would take for an investment to double given the annual rate of return

It works by dividing the number 70 by the variable's growth rate.

= No of years for savings to double = 70 / Interest rate. Because the account doubles in 10 years, then, we have 10 = 70/x

x = 70/10

x = 7%

Therefore, the interest rate on the savings deposit equals to 7%.

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