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You deposit money today into an account at 6.5 percent interest how long to double your money?
Wiki User
∙ 16y ago
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.)
Wiki User
∙ 16y ago
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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.
Is it possible to get a percent yield over 100 percent?
Certainly. If you double your money over some period of time, you have made 100 percent. If you triple it, you have a 200% gain. Earnings are usually calculated as an annual percent gained, and it is unusual to find investments that will double in one year, but not impossible.
What is young pro accounts?
Young Pro a/c means a young professional account. This is bank account targeted specially for high earning young professionals and having features which is advantageous to them. For example, a young pro will look to save money . Hence his account may require double the minimum amount per quarter. The advantages that the bank gets from this may be nullified by giving him credit cards at slightly low interest rates. etc.
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%.
Is a Decrease in cash a credit?
In a double entry accounting system, you decrease the cash account with a credit.
Using the Rule of 72 how long will it take for a deposit to double in size using an interest rate of 9 percent?
8 years.
What is the length of time required before a 1000000 deposit will double if the interest rate is 10 percent?
There's a rule of thumb for "double your money" problems: Time = 70/interest rate, so in this case approx 7 years.
Using the rule of 72 how long will take for a deposit to double size using an interest rate of 9 percent?
72/9 ie 8 years
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.
In how many years will a 1000 deposit double if it is compunded yearly at 5 percent per year?
14.2067 years.
The Best Kinds of High Interest Savings Accounts?
In the low interest rate climate of 2011, getting a decent return on your money can be challenging. In fact, many traditional savings accounts offer interest rates of 0.25 percent or less, equating to $2.50 or less in interest a year on a $1,000 deposit. High interest savings accounts can help to improve your yields.Online BanksMany online banks, such as ING Direct, Ally Bank, Sallie Mae, and Capital One Bank, offer online savings accounts. These accounts work similarly to a traditional bank account, but offer much higher interest rates. As of this writing in July of 2011, their rates fall in a range from 1.00 to 1.15 percent. This would yield between $10.00 and $11.50 in annual interest on a $1,000 deposit. Many of these accounts also have very low opening balance requirements, making them easy to get.Sites like Bankrate.com can help you to compare interest rates between banks to find the best account for you. Money Market AccountsMoney market accounts, which are floating rate accounts that are based on the return that the bank receives from investing your money into conservative vehicles, can offer higher rates than a regular savings account. One place to look for a money market account is from your stock broker. Some of these funds offer higher returns than bank funds, but also carry some risk because they are not FDIC insured.Certificates of DepositIf you do not plan frequently withdrawals from your savings account, consider putting your money into a certificate of deposit, or CD, accounts. These accounts carry much higher interest rates than a regular savings account in exchange for your promise not to withdraw those funds during a certain period of time. Typically, the longer the time period of the CD, the higher the rate will be. For example, a one year CD may yield 1.20 percent per year while a five year CD would provide an annual yield of 2.4 percent.New Account BonusesAlthough not a high interest rate account per se, the new account bonuses that some banks offer can do the same thing as providing you with a high interest rate. If you can find a bank that will pay you, for instance, $50.00 to open an account and you deposit $500.00, that is the equivalent of a 10 percent return, assuming that it takes you a year to earn the bonus. If you have a relatively small amount of money to save and can assiduously follow the rules of the account, your best return will come from your new account bonuses.If allowed, have your spouse sign up for his or her own separate account to double your new account bonus earnings.
How many years will it take to double an amount at 3 percent interest?
33 years
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.
How long will it take for your money to double in the bank at 4 percent interest?
It will take 18 years.
What time will be required for a sum of money to double itself at 5 percent simple interest?
20 YEARS
How many years in investing would it take to double your principle?
If the interest rate was eight percent, it would take about 9 years to double your principle.
How long will it take to double your money at 8 percent interest rate and continuous compounding?
Nine years at 8%
