SOLUTION: If I deposit $10 a month into a savings account at 4% interest compounded annually starting when I am 18 years old, I will have saved $200,000 in 50 years?

SOLUTION: If I deposit $10 a month into a savings account at 4% interest compounded annually starting when I am 18 years old, I will have saved $200,000 in 50 years?

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Question 781521: If I deposit $10 a month into a savings account at 4% interest compounded annually starting when I am 18 years old, I will have saved $200,000 in 50 years?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
If I deposit $10 a month into a savings account at 4% interest compounded annually starting when I am 18 years old, I will have saved $200,000 in 50 years?
:
No
You would have to deposit about $107 a month to get $200,000 at 4% in 50 yrs
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