Karma: 30

samantha is 12 years old and has inherited 10,000 dollars her bank pays 5 percent interest what is the total ammount sammantha will have saved for colledge after 6 years?

Answer this

+2 Views: 827 Answers: 5 Posted: 11 years ago

5 Answers

clu

Karma: 405843

I want to know where she banks to get that rate!

11 years ago. Rating: 5
Comment this answer

Headless Man

Karma: 267154

I know this only a math problem and you would take 5% each year add the interest and do 5% again for 6 years.

However in reality she would do better to buy Gold or Silver and in 6 years she should have some money.....

11 years ago. Rating: 5
Comment this answer

leeroy

Absolutely right, teach them while they're young.

commented 11 years ago

Bob/PKB

Karma: 945575

Is she more interested in thong underwear or college? In either case, she wouldn't have enough for one semester at an American university.

11 years ago. Rating: 4
Comment this answer

Jack Large

Karma: 68420

I will be worth LESS, not anywere near as much as you might think since the banks are not paying 5%, nobody is pay 5%.

The average intreat rate in any bank today is from .005% to 1.7% .Any money in a bank today will be worth less in five years, not more, because the current inflation rate is 3.5%. That is more than double even the best interest rate available today

Even if the money was invested in long term US Bonds, the best rate is only 1.2%, thanks to Obama's huge trillion dollar increases in the Nation Debt.

The only investments today that will rise WITH inflation are Stocks and Real-estate.

Put the money in a Mutual Stock Fund or a private Mutual Bond Fund, if you are looking for future wealth, WBMS

11 years ago. Rating: 4
Comment this answer

leeroy

Karma: 199220

Wow, these college kids today... the education system sure has gone down the crapper!

11 years ago. Rating: 2
Comment this answer

Colleen

Hi Leeroy :)

commented 11 years ago

leeroy

Hi Colleen, how are things with you? Hope you are doing well...

commented 11 years ago

Colleen

Things are well here. The forum still keeps me busy. I'm taking more time for my real life though. Will two other moderators, I can do that now :)

commented 11 years ago

leeroy

Good for you, this place is fun to visit but... I know it can become tedious. Especially if you have responsibilities. Then again it can be really great at times as well.

commented 11 years ago

Colleen

Even at it's worse, it is a great place. There's some really good people here :)

commented 11 years ago

leeroy

Well nice to talk to you, I'll try to stop by more often, have been busy with my physical therapy as well as doctor's visits, etc., etc.. Yes very true. Lots of great people here.

commented 11 years ago

Colleen

Take care of yourself. Hope the physical therapy is helping!

commented 11 years ago

leeroy

:) Thanks Colleen! I've been getting p.t. and spinal decompression and I am making great progress.

commented 11 years ago