2006-11-24 05:19:39 · 3 answers · asked by bob h 1 in Business & Finance ➔ Personal Finance
The time needed to double your money depends on the interest rate. Currently you can get 5% or 6% some places on CD's. At 5%, it would take 14 1/2 years to double your money. To double in 5 years, you'd have to find an interest rate of 15% - you're not going to find that today on safe investments like gov bonds or bank CD's.
2006-11-24 05:30:00 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Better if you can join a credit union which may have a higher return rate or if you have a deferred compensation plan like a 401(K) or a 527(B). Even better if your employee will match you money. Your money is doubled off the bat!
2006-11-24 13:48:01 · answer #2 · answered by whadda-dingo-gal 6 · 0⤊ 0⤋
You need to sell your Bonds or CDs and invest in something else.
I know a company in the United States of America currently offering 10% PER YEAR.
You won't double your money in 5 years, tough.
For that you need to buy a decent Mutual Fund or lend your money on prosper.com for at least 20% PER YEAR.
2006-11-24 14:24:39 · answer #3 · answered by Anonymous · 0⤊ 1⤋