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What interest rate would you need to double your money in 10 years compounded annually?
you would need an interest rate of 7.2 %. this would be a great slow return leaving you better off. with today's economy there is plenty of real estate to launch a wealthy careeer ahead.
Jon deposits 1000 in an account that pays 8 percent interest compounded annually How long will it take to double your money?
1). My money will never double. Let's talk about Jon's money instead. 2). It doesn't matter how much he deposits into the account. The time required for it to double is the same in any case. 3). At 8% interest compounded annually, the money is very very very nearly ... but not quite ... doubled at the end of 9 years. At the end of the 9th year, the original 1,000 has grown to 1,999.0046. If the same rate of growth were operating continuously, then technically, it would take another 2days 8hours 38minutes to hit 2,000. But it's not growing continuously; interest is only being paid once a year. So if Jon insists on waiting for literally double or better, then he has to wait until the end of the 10th year, and he'll collect 2,158.92 .
Which do you prefer a bank account that pays 5 percent per year EAR for three years or an account that pays 2.5 percent every six months for three years?
The latter of the two would be your better option, assuming the interest is properly compounded. Consider. In the first case, your resulting payment would be: P * 1.053 = P * 1.157625, or a total gain of just over 15.76% In the second case, your resulting payment would be: P * 1.0256 = P * 1 .159693418212890625, for a total gain of just over 15.96%
What is the noun for better?
The noun for better is better.
What is the noun of better?
The noun of "better" is "better" As in "You should respect your betters." "All the better to eat you with".
