If you file for Chapter 7 or 11, it will remain on your credit report for up to 10 years. If you file for Chapter 13, it may stay on your report for up to seven years. A Chapter 11 bankruptcy will stay on the business's credit report, not the individual owner's, unless they file a personal bankruptcy.
Answer:Purchasing power in todayâs dollars = $289,287/1.02536 = $118,924. 4) You plan to save $7,000 each of the next 40 years, and invest that money in an account that pays 9% annual interest. In addition, you plan to pay for your childâs college education beginning in 20 years.
BREAKING DOWN 'Rule Of 72'. For example, if you want to know how long it will take to double your money at 12% interest, divide 12 into 72 and you get six years.EFINITION of 'Rule Of 72'. A rule stating that in order to find the number of years required to double your money at a given interest rate, you divide the compound return into 72.