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Savings Goal Calculator

Savings Goal Calculator
Answer:

$120.33

is your required Monthly deposit to
reach your goal of $15,000.00 in 10 years.

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Calculator Use

Calculates how much you will need to save on a regular basis to meet your savings goal.

How will I reach my savings goal? How much money will I need to save on a regular basis to reach my long term savings goal? Calculate the deposits required to reach a future value of a savings account.

How long will it take to save a million dollars?

Savings Goal
The amount of savings you want to have.
Saving Period
How far into the future will you be making these deposits?  This is the moment in time where the value of your account will be calculated.
Making Deposits
How often will you be making deposits into your savings account?
Interest Rate
This is the annual interest rate or "stated rate" for your savings account.  Also called the Annual Percentage Yeild (APY).
Deposits within Period
Beginning or end; this calculator assumes you will be making deposits at the beginning of each period. For a monthly deposit example, deposits are made at the beginning of each month.
Compounding
The number of times compounding occurs per period. This calculator assumes daily compounding or 365 times per year. Savings accounts are often compounded daily.


 

Cite this content, page or calculator as:

Furey, Edward "Savings Goal Calculator"; from http://www.calculatorsoup.com - Online Calculator Resource.

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