How much would I make in a year from putting $250 a week into a savings plan off 3% interest?

I’m saving up for a trip to egypt.


2011
10/23
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5 comments
    • Matt
    • October 23rd, 2011

    It would be 13390 a Year

    • Oblivious2Life
    • October 23rd, 2011

    250$ a week for a year would be $13,000.00 with interest you would have $13,390.00.

    A profit of $390.00.

    I suggest a different investment, however savings plans are safe, they do not yield high return.

    • Qwyrx
    • October 23rd, 2011

    $250 / week * 52 weeks = $13000

    You earn interest on that, but, of course, you only earn interest on the amount that’s already in the bank. For simplicity sake (since it doesn’t matter much), you can just estimate based on taking 3% of 1/2 of the money, which is

    .03 * $6500 = $195. It will actually be a little more than that, but you can see that the interest isn’t particularly relevant.

    Thus, you’l have a little over $13000 at the end of the year. That seems like enough for an unbelievable trip, if you ask me. My guess is you’ll need quite a bit less. Or that you won’t actually be able to save that much. $1000/month (approx) is quite a lot of money to save just for a vacation.

    • ●•ώіĉкεמ•● ●•·˙·•ǿиє•·˙·•●
    • October 23rd, 2011

    250 x 52 weeks = 13,000 x.03 = 390

    390 is the intrest you would make for the whole year

    13000
    + 390 = 13,390

    • MSC
    • October 23rd, 2011

    Not too much. Assuming the rate of interest is per annum, is paid weekly on your weekly deposits, and it’s compound interest, you will end up depositing $13,000 over a 52 week period, and at the end of it get back just $13,200.

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