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The Hundred Penny Box
Visual 5: Watching Money Grow with Time
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Visual 5: Watching Money Grow with Time |
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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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| A |
B |
C |
D |
| AMOUNT OF DEPOSIT |
ANNUAL INTEREST RATE |
NO. OF YEARS |
TOTAL AT THE END OF THE TIME PERIOD |
| $10,000 |
6% |
10 |
$17,908.48 |
| $10,000 |
6% |
20 |
$32,071.36 |
| $10,000 |
6% |
30 |
$57,434.91 |
| $10,000 |
6% |
40 |
$102,857.18 |
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