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Building up emergency fund

February 21st, 2007 at 04:43 pm

How long will it take to reach my savings goal?

It will take 1 years and 2 months to save $10,136 starting with $4,244 and depositing $400 monthly.

Deposits & Terms
Initial Balance $4,244
Regular Deposit $400
Frequency of Deposit Monthly
Savings goal $10,000

Interest rate
Interest rate 5%

Taxes
Taxable Interest? Yes
Marginal Tax Rate 28%


Details
Initial balance $4,244
Total deposits $5,600
Total interest earned $426
Total taxes paid $97
Total saved $10,136

Assumptions and simplifications
Results are computed using a standard future-value calculation and your investments' nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding.


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