IF i PUT 25.00 A WEK IN AND ACCOUNT FOR MY GRAND CHILDERN AT .05% INTEREST FOR 10YEARS, HOW MUCH WOULD BE IN ?
Answers:
first of adjectives, it would be 5% not .05%, you'd enjoy going on for an extra dollar if that be the rate. Second, sorry but look within your algebra book and it'll update you the formula. It's really unproblematic to gain the answer. Good luck near your hw.
Approx $16235 on $13000 of investment. You would do better next to a mutual fund. an 8% return would probably obtain you over 18,000 efficacy - if you put within childs signature, exceptionally little excise on the income
5% interest after taxes probably wont keep hold of gait near inflation. So probably smaller amount than what you can gain for more or less $13,000 today.
If the kids are small put it contained by a export tax sheltered sector 529 college fund that *you* own, but for the benefit of the kids. Of course, this is with the sole purpose usable for college rearing expenses, but you can invest in low expense funds near target withdrawl date to distribute potentially giant relinquish.
Dont ever put the money within funds that belong to the kids, that you cant control once they come of age, close to the uniform grant for minors.