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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?
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.
What else can I help you with?
What is the best area to be able to invest?
ottt
What is the shape of a gold bar?
A gold bar is typically rectangular in shape, like a deliciously shiny chocolate bar without the calories. It's all about that bling-bling right angles, baby. So, if you're looking to invest in some gold, just remember: it's hip to be square.
Interest rate is 9 percent and doubling time is 8 years If you invest 5000.00 what will it grow to in 24 years?
Interest rate is 9 % and doubling time is 8 years. If you invest $5,000.00, what will it grow to in 24 years?
What amount is profited after one year if you invest 1000 per year at 6 percent interest?
6.85
How much money is ten percent interest?
It's 1/10th of the amount you put in. The more you deposit or invest, the more interest you get.
What is cost basis in stock investing?
it is the amount that you initially invest. Plus and amount it costs you to invest it. Or the amount that you receive when someone leaves you an amount as a beneficiary.
What is the capital investment of medium term enterprises?
intial amount to be invest in the organization to establishment that is called as openning amount that to be invest
Invest R20000 for 10 years which attracts 5 percent for 3 years and 8 percent for 4 years. Calculate interest for remainder 3 years if investment paid out R44253.44 after 10 years.?
your mom would never get that much...
If you invest 6000 dollars today ata nine percent interest rate what is the amount of interest after thirty years?
The total interest would be 73606.07 dollars, approx.
Mike needs help in choosing whether he should invest 650 at 4.9 percent for one year or 500 at 5.0 percent interest for one year What is the difference in the amount of interest Mike could earn betwee?
6.85
What if your aunt is planning to invest in a bank CD that will pay 8.00 percent interest semi-annually. If she has 13000 to invest how much will she have at the end of four years?
Your aunt is planning to invest in a bank CD that will pay 8.00 percent interest semi-annually. If she has $13,000 to invest, how much will she have at the end of four years?
How many percent of American invest in market?
all the black ones
What is better to invest in gold or silver coins?
That depends on the amount of money you have. If you have lots I would invest in gold but if you don't have much to spend I would invest in silver.
What is 5000 compounded annually at 4 percent for 5 years?
Invest at an amount of 200000 at a bank that offers an interest rate of 7,6%p.a Compounded annually for a period of 3 years
