2007-08-23 07:03:37 · 3 answers · asked by mybuchman 1 in Business & Finance ➔ Personal Finance
You don't have to figure it out--the bank will be glad to tell you. If it is 5% you will have $1.05 for each $1 that you originally invested after a year. You will double your money in about 14 years at 5%.
2007-08-23 07:37:32 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Ask your bank and others and move your a/c to the highest payer.
Unfortunately the bank will deduct tax from the interest they quote and 5% gross will probably become 4% net. But if you have enough in the a/c, it is better than working fo a living.
2007-08-23 09:20:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
i don't the bank does -- but you take the amount times the amount of interest will give you a ball park figure -- 5000 x 1.05 (if interest rate is 5%) equals 5250.!!!
2007-08-27 00:31:41 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋