If I put 60 million in a good returns account and built on that as an income over 10 years without ever taking any out that's almost a billion dollars.
I think your math is off.
To roughly calculate time to double with compounding interest, take 72 and divide it by your interest rate.
Let's say you can get 8% annually, which is very optimistic. 72 / 8 = 9 years. So, in 9 years your 60 million would become 120 million. Nowhere near a billion.
I think your math is off.
To roughly calculate time to double with compounding interest, take 72 and divide it by your interest rate.
Let's say you can get 8% annually, which is very optimistic. 72 / 8 = 9 years. So, in 9 years your 60 million would become 120 million. Nowhere near a billion.
Thanks for making the compound interest explanation for those who don't know.
Perhaps I missed out the part where I get an additional 60 million each year also.
So while the original 60 million would become 120 million, there's another 540 million (Plus its accrued compound interest) to add into the mix.