In response to the answers posted to this question earlier today, this CD is not through a typical bank. It is through the Federal Goverment . I am not positive if this 8.9 is the introductory rate or if it is so high because is has so many restrictions and possibly can pose so many penalties. I thought it was a great rate also.
2007-03-05 05:28:55 · 4 answers · asked by Jensen 2 in Business & Finance ➔ Personal Finance
PV=-$2500
R = (8.9%/12) = 0.741%
N = (12*20) = 240
FV=$14,727.59
$14,727.59
2007-03-05 06:22:19 · answer #1 · answered by BosCFA 5 · 1⤊ 1⤋
After 20 years, a CD worth USD$2,500.00 at a rate of 8.9% APY will be worth $14,980.47.
After inflation of about 3.0%, this same $14,980.47 will have the spending power of about $8,146.30.
Use the 40-year investment calculator at the link below.
Good luck!
2007-03-05 06:27:47 · answer #2 · answered by Ethan 3 · 0⤊ 0⤋
stick to the $2 hundred chum. you should maximum probable ruin out with claiming $2500 for a donation to charity on your taxes, and that i'm ninety 9.9% specific you does not get audited (they don't mess with small crap like that - they don't have time) - yet to be on the secure facet, legally, you are able to basically declare what you have checklist of procuring it! Sorry for the undesirable information.
2016-10-17 08:05:47 · answer #3 · answered by trinkle 4 · 0⤊ 0⤋
$54,450
2007-03-05 05:33:46 · answer #4 · answered by Anonymous · 0⤊ 2⤋