Aunt Cellie has given you $2000 for graduation. The current rate for a long erm CD is 7.5% simple interest per yr. How many years will it take your $2000 if invested in the long term CD to double in value to $4000/
2006-11-17 08:02:45 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
13 years (if you are not getting interest on your interest)
10 years (if you get interest on your interest)
Interest on Interest
Year 1 150 2000 2150
Year 2 150 2000 2300
Year 3 150 2000 2450
Year 4 150 2000 2600
Year 5 150 2000 2750
Year 6 150 2000 2900
Year 7 150 2000 3050
Year 8 150 2000 3200
Year 9 150 2000 3350
Year 10 150 2000 3500
Year 11 150 2000 3650
Year 12 150 2000 3800
Year 13 150 2000 3950
Year 1 150 2150
Year 2 161.25 2311.25
Year 3 173.34375 2484.59375
Year 4 186.3445313 2670.938281
Year 5 200.3203711 2871.258652
Year 6 215.3443989 3086.603051
Year 7 231.4952288 3318.09828
Year 8 248.857371 3566.955651
Year 9 267.5216738 3834.477325
Year 10 287.5857994 4122.063124
2006-11-17 08:05:13 · answer #1 · answered by Anonymous · 1⤊ 0⤋
woman: Lucille Juliette Sofia Blair Scarlett Verona Charlotte Grace Violette Ophelia Ava Katherine Isabelle Poppy Freya Marisol Esmeralda Lorraine Boy: Oliver William Calvin Oscar Simon Leonardo Charlie Matteo Ezra Sebastian Harrison Levi
2016-10-16 09:22:10 · answer #2 · answered by Erika 4 · 0⤊ 0⤋
Use the "Rule of 72". To find how long an investment will take to double, divide 72 by the interest rate to get a close approximation.
72/7.5= 9.6yrs
Using a financial calcualtor, the result is 9.5844
2006-11-17 08:10:11 · answer #3 · answered by personalfinancedaily 3 · 0⤊ 0⤋
Aunt Cellie is a liar, and talks behind your back! Give her back the $2000 dollars to teach her a lesson about being a b itch.
2006-11-17 08:03:53 · answer #4 · answered by Joey (f) 2 · 1⤊ 1⤋
At the end of 10 years, the cd will be worth $4,122.04
2006-11-17 08:31:46 · answer #5 · answered by mailrick12 3 · 0⤊ 0⤋
It depends on if you roll the interest back into the CD.
2006-11-17 08:05:15 · answer #6 · answered by Flower Girl 6 · 0⤊ 0⤋
Like around 8 or ten
the equation is
P=P+I
2006-11-17 08:05:00 · answer #7 · answered by kurticus1024 7 · 0⤊ 0⤋
I year 66.66 days
2006-11-17 08:05:41 · answer #8 · answered by Ha Ha Charade You Are................... 4 · 0⤊ 1⤋
10 yrs.......pleez vote for me i need the xtra points to get to Level 2 !
.......go ahead and laugh at me :(
~Desperate~
2006-11-17 08:14:04 · answer #9 · answered by Anonymous · 1⤊ 2⤋