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Visual 5
Watching Money Grow with Time
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 when a saver leaves the money in the bank for a LONGER PERIOD OF TIME with the SAME amount deposited and the SAME interest rate. |
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A |
B |
C |
D |
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 |
6% |
10 |
17,908.48 |
$10,000 |
6% |
20 |
32,071.36 |
$10,000 |
6% |
30 |
57,434.91 |
$10,000 |
6% |
40 |
102,857.18 |
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