Interest Rates

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)?

$19,938.10

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 $100,000 into a regular savings account in the bank when you are 28, and add $200 each month, how much will you have when you are 68? (40 years later?)
$266,213.67

This makes me think that one should start earlier in saving, no matter what. With more time comes more money.