How much can save if I save 100.00 amonth for five years?

Question

Starting in 12/06

Answer 1

Assuming that you invested the $100 in an index fund, and the market returned 10% annually, in 5 years your investment would be $7,743.

You would owe taxes on your gains, so you net would be less.

Answer 2

If you stuff it under our mattress, you'll save 6K. How much you end with will totally depend on the interest rate you're getting in the account. The account is impossible to determine without knowing the interest rate you're getting unless you assume an interest rate as some people above have.

You could talk to the bank about minimum amounts for CDs (typically 1K). Save into your account for 10 months then open a 6-month cd. Every 5-months (or another 10 months), take the next 500-1000, add it to the first cd and roll it over to a larger cd. You'll get a much better interest rate.

Answer 3

You'll have a minimum of $6000. Look for a daily compounding interest rate. Investing in a mutual fund may be right for you if you do not intend on spending the money in 5yrs. Depending on your age. Consider a ROTH IRA- tax deferred growth, plus income tax free at withdrawal if you're over 59 1//2 and the account is over 5yrs old. Talk w/an investment specialist, not a bank, if you want good growth. Look for one that does not charge a fee for their help. Good Luck!

Answer 4

if you set up a free savings account with ING direct, you can save $6800 at the end of those 5 years. there is no minimum to open the account, you can do direct deposit from an outside checking account, and the rate of return is 4.4% right now - better than bank savings accounts, and a reasonable solution when you are saving money each month, as opposed to socking away a chunk of change (like $5000 in a CD, or $25,000 in an MMF).

I just opened one a bit ago and it was painless!

Answer 5

All depends on what you do with your money. Leave it under your bed in a shoe box ($6,000). Put it in a bank with a 3% rate of return (silightly more than $6,000, but don't forget to pay taxes on your earnings). Put the money in the stock market and get an average of 10% rate of return $8,059.

Answer 6

If you can save $100 a month for five years and earn 2.5% interest on your savings (compounded monthly), you'll have $6,384.05 at the end of the five years. Use this calculator to change the interest rate or amount to see how that would affect the total:
http://www.bankrate.com/brm/cgi-bin/savings.asp

Answer 7

6000 because 100.00$ a month *12 months is 600 and 600$ times 5 years is 6000 =]

Answer 8

100 a month 1200 a year 6000 over 5 years...that will be your total capital outlay....the key factor as to the total you would have at the end of 5 years will be determined by the way you invest it......obviously there will be an interest factor but i cant determine that without a savings plan....

Answer 9

100 X 12 = 1200 x 5 = 6000

100 = per month savings
12 = months in a year
1200 = 100 per month times how many months in a year
5 = how many years
6000= answer

Answer 10

Cash total would be $6000.00 (12 months in one year =$1200.00 Multiply by 5 = $6000.00)

If you put it in an account that pays interest, then add that amount.