Tell me a normal percentage of interest, too.
2007-07-24 13:53:08 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Depends on the interest being paid. About $158
2007-07-24 13:55:14 · answer #1 · answered by Slightball 2 · 2⤊ 2⤋
Well...most banks will charge you fees under $500 (not all though so check 1st). The interest rate changes every day so you can not possibly predict how much it will be in the future. The current rates are anywhere from 3% to 4.75 %....but that could change tommorrow. Just assume it won't be much. The better way to do it is to put the $100 in the bank and add whatever you can every week or month. Even if it is $10 at a time...it will add up much much faster. You will have the interest on top of the contributions and you'll see a lot more than $100 in 8 years....happy savings!
2007-07-24 13:57:27 · answer #2 · answered by alanawear 2 · 0⤊ 0⤋
it depends on the interest of the bank. most banks only have a 5% interest rate. so you do the math. $100 dollars x 52 weeks x 5%= 8 yrs of 100 dollars in the bank.
2007-07-24 13:58:58 · answer #3 · answered by mastermind 3 · 0⤊ 0⤋
Savings accounts don't generate much interest. Let's be generous and say 1.5%.
End of Year 1: $101.50
End of Year 2: $103.02
End of Year 3: $104.57
End of Year 4: $106.14
End of Year 5: $107.73
End of Year 6: $109.34
End of Year 7: $110.98
End of Year 8: $112.65
2007-07-24 14:17:51 · answer #4 · answered by jdkilp 7 · 0⤊ 0⤋
The return on your $100 investment depends on the interest rate and the compounding interval. The interest can be compounded at intervals of each quarter, every six months or annually. You need to give us more information. However, if the interval is annually and the rate of interest is 2% you will earn $17.17 for a total of $117.17.
2007-07-24 14:14:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can do the math yourself - if your savings account earns 5% compound interest then after 1 month, you get $5 added to the account. So then you have $105.
The next month you will earn $5.25 ($105x0.05). So after 2 months you have $110.25. Keep going like that for 96 months.
2007-07-24 13:57:30 · answer #6 · answered by Kleineganz 5 · 0⤊ 0⤋
well it will be more than 100 but not much
2007-07-24 13:55:43 · answer #7 · answered by jg_dragon24 3 · 0⤊ 0⤋
depends on the intrest rate of the bank account.
2007-07-24 13:55:52 · answer #8 · answered by ? 2 · 1⤊ 0⤋
i'm not sure but if you put the money in ingdirect savings acct, they have the best interest rate i think it may be about 4.50%
2007-07-24 13:59:58 · answer #9 · answered by juceree 1 · 0⤊ 0⤋
at 7% money doubles in 10 years,at 10% it doubles in 7 years...rule of thumb...
2007-07-24 13:56:56 · answer #10 · answered by Anonymous · 0⤊ 1⤋