How much money would I need to save per week or month if I wanted to save $100,000 in two years? Thank you!
2007-07-09 13:42:16 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
About $4100. a month for 2 years.
2007-07-09 13:55:39 · answer #1 · answered by Gone fishin' 7 · 0⤊ 0⤋
It depends on a number of factors which includes, the interest rate, what day of the week or month you plan to make the deposit, and how often does the bank credits interest to your account.
After determining this factors, you can now compute for the monthly payments using an annuity in arrears, or annuity due factor. For example for a bank that offers 12% annual interest, credits interest monthly, and you are making deposit at the beginning of each month.
First determine the Present value factor of an annuity due at 1% (12%/12 months) for 24 periods (24 months). Using that you will get a factor of 26.97346. That means you have to deposit $3,707.45 ($100,000/26.97346) monthly in order for you to have approximately $100,000 at the end of 24 months.
2007-07-09 21:09:10 · answer #2 · answered by Pinoyako! 2 · 0⤊ 0⤋
well that's $50,000 per year, about $1000 per week. With minimal interest rates for savings accounts, you might end up with slightly over 100,000 if you put $1000 away, every week.
2007-07-09 20:49:37 · answer #3 · answered by zanthus 5 · 0⤊ 0⤋
100,000 divide by 24 months (two years)... = about $4,166 a month...
assuming your keeping it in a cooke jar and not getting interest on it
2007-07-09 20:47:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
$961.54/week or $4,166.67/month assuming no interest. If you need the money in 2 years, you can afford to count on interest.
2007-07-09 21:50:16 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
It depends on if you are going to invest it, put it in an interest bearing account or just stuff it under your mattress. If you just stuff it it would be 962.00 a week.
2007-07-09 20:46:14 · answer #6 · answered by Flower Girl 6 · 0⤊ 0⤋
$916.25 per week if the interest rate was 4.75% compounded weekly for an APY of 4.86%
2007-07-09 21:30:35 · answer #7 · answered by skipper 7 · 0⤊ 0⤋
$4167 per month
952.38 per week.
NOTE: This does not include any interest earnings or stock market purchases.
2007-07-09 20:51:21 · answer #8 · answered by granniegrump 3 · 0⤊ 0⤋
about a thousand a week!
2007-07-09 20:47:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋