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SpyIntel [72]
3 years ago
13

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 y

ears?
Business
1 answer:
Tema [17]3 years ago
5 0
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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