How much will I save?


How much will I save?

You will save $2,248,636, starting with $20,000 and depositing $5,000 monthly for 11 years and 0 months.

Information entered

Deposits & Terms

Initial Balance
$20,000

Regular Deposit
$5,000

Frequency of Deposit
Monthly

Savings term
11 years

Interest rate

Interest rate
20%

Taxes

Taxable Interest?
No

Results

Answer

Total saved
$2,248,636

Details

Initial balance
$20,000

Total deposits
$660,000

Total interest earned
$1,568,636

Total taxes paid
$0

Total saved
$2,248,636

Assumptions and simplifications

  • Results are computed using a standard future-value calculation and your investments’ nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding.
  • http://moneycentral.msn.com/investor/calcs/n_savapp/main.asp

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