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Home >> Accounts >> Savings Accounts
Accumulating Savings
If I saved $900 every month for a year, what would I have in twelve months, plus interest?
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 In order to answer your question, the rate of interest you could obtain on your savings plan would need to be known, but to give you an idea, start by figuring out what your total contributions would be. Twelve payments of $900 would add up to $10,800. If a 3% interest rate can be assumed, and that interest is compounded monthly, you should earn about $177 in interest, it would make your funds total about $10,977 after a year.
Published on BankingQuestions.com 7/20/09
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