document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=615673>Question 615673</A>: <I><SPAN STYLE=\"word-break: break-all;\"> how long would it take me to save up 300,000 if i save 5 dollars a day starting today<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #387299 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=387299\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 300,000 / 5 = 60,000 days which is equivalent to approximately 165 years assuming that you don't earn any interest on the money.<BR>\n" );
document.write( "an easier calculation is 155 a month.<BR>\n" );
document.write( "that would be equal to 300,000 in 300,000 / 155 = 1935.483871 months which is equivalent to approximately 161.2903226 years.<BR>\n" );
document.write( "bottom line is it would take a very long time.<BR>\n" );
document.write( "more time than you have.<BR>\n" );
document.write( "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.<BR>\n" );
document.write( "the ability to earn interest on your money makes a big difference.<BR>\n" );
document.write( "at 0% interest compounded monthly, 155 a month earns 300,000 in 161 years.<BR>\n" );
document.write( "at 12% interest compounded monthly, 155 a month earns 300,000 in 25 years.\r<BR>\n" );
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