How to use the calculator
Enter the amount of money you currently have saved in the “Initial Savings” box. You can leave this blank.
Then, tell us how much money you plan to add each month in the “Monthly Contribution” box.
Next, let us know the percentage of interest you think you’ll earn each year in the “Annual Interest Rate” box.
Bankrate (www.bankrate.com) allows you to compare interest rates offered by various banks and financial institutions.
Finally, enter the number of years you plan to keep your savings in the “Investment Period” box.
Once you’ve filled in all the boxes, click the “Calculate” button.
The calculator will figure out how much your savings could grow over time. It’s a great way to see what your financial future could look like!
Annual interest rate with investment period in years