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Sijad H.
Sijad H., Consultant
Category: General
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Experience:  Jack of all trades. I know a little bit about a lot of bit.
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Ok, the last expert I spoke to was really confusing me. I asked

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Ok, the last expert I spoke to was really confusing me. I asked a question and got four different answers. Maybe you can answer better.

I just opened a $5,000 CD, compounded monthly, at a Annual Percentage Yield of 0.54% for two years. At maturity, how much is my CD worth?
Hi and thank you for your question. My name is XXXXX XXXXX I will be happy to assist you.

Based on the information you have provided, a $5,000 CD, compounded months, at an APY of 0.54% would be worth $5,054 at Maturity. I hope this better answers your question.

If you have additional questions or need a calculation involving different figures please let me know.
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Customer: replied 3 years ago.

So, to be clear, I just deposited $5,000 into an account that in 2 years will yield me a meager $54 at maturity? Or will I get my $5,000 PLUS $5,054 dollars back, for a total of $10,054?

No, you will be making a profit of $54 so the total balance at Maturity will be $5,054, which is the amount you will get back at Maturity.
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Customer: replied 3 years ago.

I have heard that investing in a CD over two years is a wise investment. However, for just $54, that doesn't seem worth while. Was I perhaps misinformed?

CD carry different interest rates depending on what banks to go. Balance also plays a key role here. The more money you have in a CD the more you ultimately will gain.

CD's are a better investment than savings accounts because the interest yield is higher. They are also lower risk than other investments such as stocks and etc. I do not think you were misinformed on CD's being a wise investment but you may have been misinformed on the amount of money you would be earning using a CD.
Customer: replied 3 years ago.

Good thing I payed for premium service because I am just chalked full of questions tonight! lol.


 


I have another $5,000 I would like to invest and see at least a 100% profit margin over two years. What basket would you suggest I drop those eggs in to to make that a realistic goal?

Well keep them coming and I will answer them to the best of my ability. :-)
Please take a moment to rate these answers so that I may get credit for helping you tonight.

When trying to double your money over a short period of time, you will likely take on high risk. The only realistic way for that to occur, is by making a strategic investment in the stock market. Even then 100% in two years would not be guaranteed.

Another option would be buying gold an silver. Again a very high risk investment as prices can rise and drop almost instateneously based on world events.

High risk investments aren't very wise especially if you don't have prior knowledge in the market of said high risk investment.

Your investment is entirely up to you. Based on the volatility of todays market, I suggest staying conservative so that you won't lose money. You can also call your bank and see if they have different types or CD's or Certificates with different rates. You can always check other banks as well.
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