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Visual 4
Watching Money Grow with Interest
Three factors affect how money grows
in a savings account.
- the amount you save
- the interest rate
- the length of time you save
Let's see what happens with HIGHER INTEREST RATES and the SAME deposit amount and the SAME time period. |
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A |
B |
C |
D |
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Amount of
Deposit
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Annual
Interest
Rate |
Number
of Years
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Total at the end of the time period
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$10,000 |
4% |
10 |
14,802.44 |
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$10,000 |
6% |
10 |
17,908.48 |
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$10,000 |
8% |
10 |
21,589.25 |
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$10,000 |
10% |
10 |
25,937.43 |
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