Investment Name of the fund Rate of return Years to double Frankling India Savings Fund 8.13% 8.86 yrs Money Market mutual fund Stanley Global Bond Fund 13.9% International Mutual Fund 5.18 yrs RBL Basic Savings Account 6% Passbook Savings Account 12 yrs Checking account 4.09% 17.6 yrs Consumer Credit Union Rewards Checking 3 yr COD Vy Star Credit Union 0.9% 80 yrs 5 yr COD Delta Community Credit Union 1.25% 57.6 yrs 18% 4 yrs Growth Stock Mutual Fund Canara Robeco Bluechip Equity Fund 2. What annual interest rate will cause your money to double in four years? 18 3. Tanner has invested $500 for college. What rate of return must Tanner earn for his investment to double in six years? 4. Jerrod owes $2,000 on a credit card that charges him an annual percentage rate of 18%. If Jerrod stopped making payments, how long would it be before the balance on his credit card reached $4,000? 5. Because Jerrod missed a payment, the credit card company automatically raised the interest rate to 24%. How many years would it be until his balance doubles, assuming he continues to not make payments? 6. Emily got a new job that guarantees her a 6% raise every year. If she starts out making $25,000, how long will it be before she doubles her current salary? Investment Name of the fund Rate of return Years to double Frankling India Savings Fund 8.13% 8.86 yrs Money Market mutual fund Stanley Global Bond Fund 13.9% International Mutual Fund 5.18 yrs RBL Basic Savings Account 6% Passbook Savings Account 12 yrs Checking account 4.09% 17.6 yrs Consumer Credit Union Rewards Checking 3 yr COD Vy Star Credit Union 0.9% 80 yrs 5 yr COD Delta Community Credit Union 1.25% 57.6 yrs 18% 4 yrs Growth Stock Mutual Fund Canara Robeco Bluechip Equity Fund 2. What annual interest rate will cause your money to double in four years? 18 3. Tanner has invested $500 for college. What rate of return must Tanner earn for his investment to double in six years? 4. Jerrod owes $2,000 on a credit card that charges him an annual percentage rate of 18%. If Jerrod stopped making payments, how long would it be before the balance on his credit card reached $4,000? 5. Because Jerrod missed a payment, the credit card company automatically raised the interest rate to 24%. How many years would it be until his balance doubles, assuming he continues to not make payments? 6. Emily got a new job that guarantees her a 6% raise every year. If she starts out making $25,000, how long will it be before she doubles her current salary
