SOLUTION: how long would it take me to save up 300,000 if i save 5 dollars a day starting today

Question 615673: how long would it take me to save up 300,000 if i save 5 dollars a day starting today

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
300,000 / 5 = 60,000 days which is equivalent to approximately 165 years assuming that you don't earn any interest on the money.
an easier calculation is 155 a month.
that would be equal to 300,000 in 300,000 / 155 = 1935.483871 months which is equivalent to approximately 161.2903226 years.
bottom line is it would take a very long time.
more time than you have.
now, assuming that you're very smart and can invest that money earning you 12% per year interest compounded monthly, then 155 per month would equal 300,000 in approximately 25 years.
the ability to earn interest on your money makes a big difference.
at 0% interest compounded monthly, 155 a month earns 300,000 in 161 years.
at 12% interest compounded monthly, 155 a month earns 300,000 in 25 years.

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