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The Hundred Penny Box
Visual 3: Watching Money Grow with Deposits
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Visual 3: Watching Money Grow with Deposits |
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Three factors affect how money grows in a savings account:
- The amount you save.
- The interest rate.
- The length of time you save.
Let's see what happens when a saver SAVES LARGER AMOUNTS with the SAME interest rate for the SAME number of years.
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| AMOUNT OF DEPOSIT |
ANNUAL INTEREST RATE |
NO. OF YEARS |
TOTAL AT THE END OF THE TIME PERIOD |
| $1,000 |
4% |
10 |
$1,480.24 |
| $5,000 |
4% |
10 |
$7,401.22 |
| $25,000 |
4% |
10 |
$37,006.11 |
| $100,000 |
4% |
10 |
$148,024.43 |
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