Blog Post #6

I realized through the savings account exploration that by investing a small amount of money in a bank will allow your savings to increase a lot over time.  When I invested $500 and added $50 in monthly increments for 50 years, my total would be roughly $39,700 in the bank, which is incredible.  So, this has inspired me to invest early in life to make the most of my money.

1. If you put $500 into a regular savings account in the bank when you are 18 years old, and add $50 each month, how much will you have when you are 68 years old (50 years later)? $36,700

2. If you put $500 into a regular savings account in the bank when you are 30 years old, and add $50 each month, how much will you have when you are 68 years old (38 years later)? $28, 650