you place $500 a year at the start of the year into an account for 15 years and theaccount earns 8% compounded annually. wht would the account be worthat the end of the 15 years?
2006-09-23 15:04:40 · 5 answers · asked by corney b 1 in Business & Finance ➔ Investing
Around $16,000 .. give or take.
I ran it through this calculator, starting at $500, adding $42 month for 15 years and this is what it comes out to.
2006-09-23 15:10:30 · answer #1 · answered by CactusFlower 4 · 0⤊ 1⤋
I did the calculations on Excel. I added the interest for the year to the principal and used it for the starting balance of the next year along with another $500. At the end of the 15th year you will have $14,662.14
2006-09-23 22:36:17 · answer #2 · answered by Mavestyn M 3 · 0⤊ 0⤋
If you put the money in monthly, it will be greater than if you only put it in once a year. Find a business calucator. It is a time value of money problem.
2006-09-23 22:17:56 · answer #3 · answered by morlock825 4 · 0⤊ 0⤋
Too little. There are better (safe) options to be found. I would check out www.quarantz.com if I were you. Free personal financial plan, lots of guaranteed and secured possibilities to invest etc.
2006-09-24 03:02:54 · answer #4 · answered by Patrick L 3 · 0⤊ 1⤋
use the bankrate.com calculator
2006-09-23 22:19:36 · answer #5 · answered by Red 3 · 0⤊ 0⤋