Problem
The rule of 70 applies in any growth rate application. Let's say you have $1,000 in savings and you have three alternatives for investing these funds:
• a savings account earning 1% interest per year
• a U.S. Treasury bond mutual fund earning 3% interest per year
• a stock market mutual fund earning 8% interest per year.
How long would it take to double your savings in each of the three accounts?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.