Page Section Navigation
Go to: Header
Go to: Utility Navigation
Go to: Primary Navigation
Go to: Content
Go to: Footer
 
Filter Resources By:
Three factors affect how money grows in a savings account:
  1. The amount you save.
  2. The interest rate.
  3. The length of time you save.

Let's see what happens with the SAME interest rate and the SAME deposit amount and the LONGER time period.

 

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