I just got 20 dollars and I want to put it in the bank so it will build up.my goal is to save up to 200 dollars how long will that take?
2007-03-04 12:21:32 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
The answer to your first question: $1.40
The answer to your second question: You'll be long dead.
2007-03-04 12:30:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It will take a while. At 7% interest you will earn only $1.40 in the first year. As you can see, with only $20 invested it will take many many years to build up to $200. If you keep investing any other money you make in the account though it will add up a lot faster.
2007-03-04 20:25:33 · answer #2 · answered by k_hart100 3 · 0⤊ 0⤋
$ 1.40 Simple interest from a bank on saving account is only about 2% , so at 2% , or even @ 10% will take you almost forever to make $200. If you need $200, do errands, or something else to get it.
2007-03-04 20:24:22 · answer #3 · answered by WC 7 · 0⤊ 0⤋
20.00 * (7/100) = 140/100 = 1.40
But your interest will change every month since the amount you earn from interest is compounded.
Here's an equation to calculate your earnings on interest assuming that the interest rate is 7% a year...
200 = 20(1.07)^t where t is the number of years.
solving for t, you get...
log 10 = t log(1.07)
t = 34.03
So the answer is about 34 years, but this is assuming you only rely on interest to get your 200.. lol good luck
- Eso
2007-03-04 20:39:14 · answer #4 · answered by F1reflyfan 4 · 0⤊ 0⤋
what is earn $1700 at 7% for 9 years
2014-09-20 23:30:39 · answer #5 · answered by ? 1 · 0⤊ 0⤋
What bank pays 7%????????? It will still take 80 to 120 years.
2007-03-04 20:27:21 · answer #6 · answered by krumpmaster terrell 4 · 0⤊ 0⤋
1.4 per year
2007-03-04 20:35:32 · answer #7 · answered by Dave A 2 · 0⤊ 0⤋