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9 November, 07:31

The doubling time of the balance for a money market certificate of deposit (cd) is 25 years. by what factor does it grow in 40 years?

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  1. 9 November, 07:33
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    If the balance in a money market certificate of deposit doubles in 25 years then it has grown by 200%. For 40 years, that is 15 years more than the 25 so 15/25=0.6 x 200=120 %. Then a weighted average of 25 x 200 and 15 x 120 gives 170% average growth.
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