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At Community Credit Union, we offer a variety of Savings Products to provide solutions for our members:
Double Your Money: All About The Rule of 72
The Rule of 72 is a common formula in the financial world that is used to calculate how long it will take to double your investment (or deposited funds) at a specific rate of interest. All you do is divide the number 72 by the rate of earnings. The result is the number of years it will take for your money to double.
For example:
2% interest. (72 / 2 = 36) It will take 36 years for your money to double
4% = 18 years
8% = 9 years
This formula works if the earnings are reinvested rather than withdrawn. It does not, however, take into account taxes due on earnings.
Savings are federally insured to at least$250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Association.
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