2007-01-31 06:06:48 · 10 answers · asked by **LIBERTY** 1 in Business & Finance ➔ Investing
The two previous responses do not take compounding interest into account.
There are calculators to help answer such questions at http://www.bankrate.com.
6.5 percent is likely an annual percentage rate, and contrary to what someone else said, it's not bad for a no-risk savings account.
There is a factor associated with a 6.5 APR that must be multiplied by the principle deposit/investment to determine the amount of the quarterly interest accrued/ROI. Each quarter, the factor is applied to the accumulated product. Because of this, $100 is not NECESSARILY worth exactly $106.50 after a year's time.
2007-01-31 06:13:12 · answer #1 · answered by Karen M 3 · 0⤊ 0⤋
That question makes abosolutely no sense.
But what I think you are asking is how long will it take that account to pay you back 6.5% of you money in interest. An example being a savings account or a CD.
It would take a year.
2007-01-31 06:10:00 · answer #2 · answered by Josher 3 · 0⤊ 1⤋
It would depend on the maturity date of the account. Maturity dates are not all the same - that depends on which you choose. Most give options like 6 mos, 12 mos, 24 mos, 36 mos, etc. Usually , the fewer the months, the less interest.
2007-01-31 06:16:06 · answer #3 · answered by J T 6 · 0⤊ 0⤋
Depositing money in a savings account only takes a few seconds
2007-01-31 06:12:47 · answer #4 · answered by k_e_p_l_e_r 3 · 0⤊ 1⤋
You can get a rough estimate by using the rule of 72. Divide 72 by the interest rate and you'll get the approximate number of years for your money to double. 72/5.2 = 13.84 years. That is presuming a constant 5.2%. If the interest rate fluctuates, then all guesses will have a built in error.
2016-03-28 22:31:30 · answer #5 · answered by ? 4 · 0⤊ 0⤋
This is the RULE OF 72: With the know interest divide it into 72 and you will have the number of years the principal will take to double. 72/ 6.5% = 11.07 years.
Is this what you wanted to know?
2007-01-31 06:13:32 · answer #6 · answered by whatevit 5 · 0⤊ 0⤋
how long will what take, they pay 6.5% annualy so lets say you depost 100 dollars, after one year you would have 106.50 in your account
2007-01-31 06:09:24 · answer #7 · answered by Scott K 2 · 0⤊ 0⤋
It will take a long time.
2007-01-31 06:11:11 · answer #8 · answered by stick man 6 · 0⤊ 1⤋
How long will it take to do what?
2007-01-31 06:10:15 · answer #9 · answered by Ralfcoder 7 · 0⤊ 1⤋
years and years its not much
2007-01-31 06:09:59 · answer #10 · answered by q6656303 6 · 0⤊ 1⤋