Future Value of Savings

Is the saving crisis more an issue of the current US economy, or individual spending habits?

• The US economy

• Individual Spending Habits

Has the overall household financial situation improved since 1960, or gotten worse?

• Improved

• Worsened

• We cannot compare two very different time periods.

When interest is compounded monthly in a savings account, how does the bank determine the principal value for the month to calculate the interest?

• They use the lowest account balance for the month.

• They use the highest account balance for the month.

• They use the average account balance for the month.

• They use whatever method pays you the least amount of money in interest.

Stephanie has decided to start building up her emergency fund. She found a HYSA that pays 4.25% interest compounded monthly. She is going to open the account with $250, and will contribute $50 per month after that. How much will she have in the account after 1 year?

https://www.calculator.net/savings-calculator.html

• $872.66

• $901.41

• $947.55

• $998.99

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Stephanie has decided to start building up her emergency fund. She found a HYSA that pays 4.25% interest compounded monthly. She is going to open the account with $250, and will contribute $50 per month after that. How much will she have in the account after 5 years?

https://www.calculator.net/savings-calculator.html

• $2,776.90

• $2,967.21

• $3,645.10

• $3,961.45

Tags

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Stephanie has decided to start building up her emergency fund. She found a HYSA that pays 4.25% interest compounded monthly. She is going to open the account with $250, and will contribute $50 per month after that. After 5 years she decides to leave the money in the account without making any additional deposits. How long will it take the amount in the account to reach $5,000?

https://www.calculator.net/savings-calculator.html

• 7 years

• 7 years 6 months

• 8 years 1 month

• 8 years 9 months

George is going to start saving for his next car. He has a high yield savings account with $1,000 in it that he plans to use. The account pays 4.5% interest compounded monthly. If he contributes $250 per month for 1 year, how much will he have in the account?

https://www.calculator.net/savings-calculator.html

• $4,108.59

• $4,985.40

• $5241.56

• $5,711.38

George is going to start saving for his next car. He has a high yield savings account with $1,000 in it that he plans to use. The account pays 4.5% interest compounded monthly. How much would he have to contribute per month in order to have $10,000 in the account in 2 years?

https://www.calculator.net/savings-calculator.html

• $250

• $281.48

• $341.70

• $355.33

You have a goal to save $5,000 in an emergency fund. Which option will get you to that goal the fastest?

https://www.calculator.net/savings-calculator.html

• $1,000 initial deposit

  $25 per month

  4% interest compounded monthly

• $500 initial deposit

  $50 per month

  4% interest compounded daily

• $250 initial deposit

  $75 per month

  4.25% interest compounded monthly

• $0 initial deposit

  $100 per month

  4.25% interest compounded daily

You have a goal to save $5,000 in an emergency fund. Of the 4 options from the previous question, how long will it take the fastest option to reach $5,000?

https://www.calculator.net/savings-calculator.html

• 3 years 10 months

• 3 years 11 months

• 4 years

• 4 years 1 month