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The Hundred Penny Box
Visual 4: Watching Money Grow with Interest
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Visual 4: Watching Money Grow with Interst |
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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 with HIGHER INTEREST RATES and the SAME deposit amount and the SAME time period.
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B |
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D |
| AMOUNT OF DEPOSIT |
ANNUAL INTEREST RATE |
NO. OF YEARS |
TOTAL AT THE END OF THE TIME PERIOD |
| $10,000 |
4% |
10 |
$14,802.44 |
| $10,000 |
6% |
10 |
$17,908.48 |
| $10,000 |
8% |
10 |
$21,589.25 |
| $10,000 |
10% |
10 |
$25,937.43 |
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