2007-01-15 09:31:09 · 9 answers · asked by bellabellaprimabella 1 in Business & Finance ➔ Personal Finance
Using rule of 72, it will take 6 years (72/12) for your one time deposit to double. So, it will take approximately 7-8 years for it to reach $14,855. To be more exact, its 7 years and 8 months or 7.667 years.
2007-01-15 17:16:25 · answer #1 · answered by Anonymous · 3⤊ 0⤋
8
2007-01-15 17:35:34 · answer #2 · answered by insuranceguytx 5 · 0⤊ 1⤋
8 years.
2007-01-15 17:39:56 · answer #3 · answered by Jdogg1508 3 · 0⤊ 0⤋
Starting with $6,000 and depositing $0 annually over 7 years and 7 months (at a rate of return 12% compounded monthly), you will save $14,987.
MSN MONEY SAVINGS CALCULATOR
2007-01-15 17:53:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
8 years 5000 @ 12%
2007-01-15 17:38:02 · answer #5 · answered by John B 2 · 0⤊ 0⤋
have you heard of the rule of 72? divide 72 by 12 of by the rate of return and you end up with the amount of time it will take for your money to double this is a wery well known formula
2007-01-15 17:36:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
8 years almost exactly.
2007-01-15 17:38:24 · answer #7 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
30<>20
meaning 20 somehting years but not close toe 30, closer to 20
2007-01-15 17:35:01 · answer #8 · answered by blmr0123 3 · 0⤊ 2⤋
1st year= 6720
2nd year= 7526.40
3rd year= 8429. 57
4th year= 9441.12
5th year= 10574.10
6th year= 11,842.99
7th year= 13264.15
8th year=14855.85
2007-01-15 17:41:23 · answer #9 · answered by msdhoward 2 · 0⤊ 0⤋