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How do you do A local bank is advertising that you can double your money in eight years if you invest with them Suppose you have 1000 to invest What interest rate is the bank offering?
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∙ 10y ago
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∙ 10y ago
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What is the rule of 72 in savings and investments?
The rule of 72 is a quick and very accurate method of determining how long it takes for money to double at a specified rate of interest, compounded annually. For example, using the rule of 72 with a compounded interest rate of 6% it would take 12 years to double your money (72 divided by 6). The precise amount of time it takes to double your money at 6% based on the actual computation of compounded interest is 11.9 years. The rule of 72 works very well unless the rate of interest exceeds 20% at which point the error rate starts to deviate substantially from the actual answer. The rule of 72 can also be used to figure out what rate of interest you need to double your money in a specified number of years. For example, if you want to double your money in 5 years, divide 72 by 5 and the interest rate needed is 14.4%.
How can banks afford to pay interest n their customers savings account deposits?
Because they're loaning the money in those deposits at double or more the interest rates that they're paying the depositors.
What exactly is the finance rule of 72?
The finance rule of 72 basically is a way to find out how long it will take for someone to double their money, given a certain interest rate. E.g. if you had an interest rate of 9% a year on an investment, it will take 72/9 = 8 years to double your initial investment.
You deposit money today into an account at 6.5 percent interest how long to double your money?
About 11 years. (One quick way to find out how fast your money will double is through the Rule of 72. Divide 72 by the interest rate you're getting--in this instance, 6.5%. 72 divided by 6.5 = 11.07. So, it will take a little over 11 years for your money to double.)
Is the interest deductible when you use a home equity loan to pay off a second mortgage?
The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.
What cards can replace Ultimate offering?
Double Summon
Years of the world?
About 8 years to double (divide 70 by the interest rate), and presumably another 8 years to double again? This supposes compound interest. For simple interest, 11 years to double and 33 to quadruple.
Double h words?
What about befuddled? what letter is it suppose to start with?addledadditionbladderbuddedcuddledaddyeddyfiddlegladdenhiddenkiddedladdermaddermiddlenoddedoddpaddedproddedpaddleraddedriddledsaddenedskiddedsleddingstuddedteddy bearudderwedding
Between Bank of America and Citibank which offers higher interest on a 5 year cd?
Citibank offers a higher interest rate than Bank of America on a 5 year cd. Citibank's offering is almost double what Bank of America offers. That would make a huge difference over 5 years.
What are the disadvantages of pagers and cordless phones and how they are overcome in cellular communications?
sam farrow and Corey sawden . ne1 offering a double blow !!! sam farrow and Corey sawden . ne1 offering a double blow !!!
What is the interest rate to double money in seven years?
If you have an annual interest rate then is 10.405%
What is meaning of double branding advertising?
double branding is oinking the companies with the original brand name. Example nestle milo Ss
What rate of simple interest is needed for 1000 to double in 3 years?
331/3 percent simple interest will double any amount in 3 years.
Is it rude to makeout on a double date?
Well i suppose it all depends on where you are at on your double date. If you are at a movie, at a house, or in the car i dont suppose its rude, but if you are going somewhere nice it would be rude. Now kissing is fine anywhere but making out, is different
What interest rate is required for an investment with continuously compounded interest to double in 8 years?
It is approx 8.66%
How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
How many years will it take 100 to double check if you are simple interest rate is 4?
It will take 25 years for a 100 to double check if you have a simple interest of 4 percent.
