1. If you put $500 into a regular savings account in the bank when you are 18 years old, and add $50 each month, how much will you have when you are 68 years old (50 years later)?
$39,500.23
2. If you put $500 into a regular savings account in the bank when you are 30 years old, and add $50 each month, how much will you have when you are 68 years old (38 years later)?
$28,301.40
3. If you put $500 into a regular savings account in the bank when you are 40 years old, and add $50 each month, how much will you have when you are 68 years old (28 years later)?
$11,456.02
4. If you put $5000 into a regular savings account in the bank when you are 30 years old, and add $500 each month, how much will you have when you are 68 years old (38 years later)?
$283,013.98
5. If you put $5000 into a regular savings account in the bank when you are 40 years old, and add $500 each month, how much will you have when you are 68 years old (28 years later)?
$199,381.03
6. If you put $5000 into a regular savings account in the bank when you are 20 years old and add $100 each month, how much will you have when you are 68 years old (48 years later)?
$81,528.26
This makes me think that I should start investing in a bank account as soon as possible. The money really adds up over the years.
Note: For all of the above problems, interest rate is at 1%.
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