Finance Question?

0 ⤊

If you deposit money today into an account that pays 6.5 percent interest, how long will it take for you to double your money?

2007-01-31 06:19:57 · 2 answers · asked by **LIBERTY** 1 in Business & Finance ➔ Investing

2 answers

nope, 10.69 years with compounding interest. (you earn interest on interest that was paid in prior periods)

2007-01-31 09:35:50 · answer #1 · answered by macamaba 2 · 0⤊ 0⤋

72/6.5 always should be good approximation 11.076 yrs assuming no taxes, Have to do better than that. Depositing in any interest bearing acct just not smart. Equity.

2007-01-31 14:27:24 · answer #2 · answered by vegas_iwish 5 · 0⤊ 0⤋