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Q: Ryan was 8 when his parents invested 4000 in a certificate of deposit that pays 6 percent If Ryan leaves the account alone until the investment doubles how old will he be Assume that the interest?

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215

$2275.28

$1326.91

2,400

1282.5

Related questions

A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?

Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment

775

In a regular savings account, the funds are always available for withdrawl. As a result, savings accounts generally have a low rate of interest. A certificate of deposit is an investment for a specific amount of time. The funds are not available until the certificate has matured, therefore, it has a slightly higher rate of interest than a savings account.

A real "growth" of -0.0019%, approx.

In a regular savings account, the funds are always available for withdrawl. As a result, savings accounts generally have a low rate of interest. A certificate of deposit is an investment for a specific amount of time. The funds are not available until the certificate has matured, therefore, it has a slightly higher rate of interest than a savings account.

A money market account works by having money invested like a savings account but getting the interest rates that are in the current money market. It usually requires a higher investment than a regular savings account.

When you put money in a savings account, you can draw it out at any time. In a certificate of deposit, you agree to leave it in the bank for a certain period of time. They pay slightly higher interest because they know that money will be there for 3 months, 6 months, 1 year, etc. If you draw it out early, they reduce your interest.

$775

$810

215

Let P be the amount of invested money. Then, .08P = 336 P = 336/.08 = 4,200

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