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You are 21 years old and start with 4000 you invest it at 7 percent use the doubling time table to calculate the amount of money you will have at age 61?
Wiki User
∙ 14y ago
Try the "rule of 72" - interest, compounding monthly, will double at 72/rate years.
So your example would be 72/7%=~10.29 years to double.
Your $4,000 would become $8,000 around age 31-
$16,000 around age 41, $32,000 around age 52,
so by 61 you'd be just short of $64,000 ideally.
Proof it pays to invest earlier than later. You have 1/2 as much at retirement, using this example, if you wait until you're 31 to start saving.
Wiki User
∙ 14y ago
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