Unit 3 – Investing: Making Money Work for You

72 divided by # of years = required interest rate. What interest rate do I need to double $5,000 in 2 years? 72 / 2 = 36%. B. Certificate of Deposit (CD) 1. A type of “time deposit” account. 2. Must leave $$ in bank until it matures (3 mths, 6 mths, 1 yr, 2 yrs, etc.). The longer you keep it in, the higher the interest rate… ................
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