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Thursday, November 21, 2024    		 
Household Math™: Future Savings 
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. Kelly wins $25,000 in the lottery and decides to put this money away for the future. She deposits the cash in a money market fund and expects to earn an average of 4% APR for 10 years. Kelly’s younger sister, Audrey, wants to accumulate the same amount of money as Kelly in 10 years but Audrey doesn’t have $25,000 lying around. Audrey decides to make monthly deposits at the same bank as Kelly and she, Audrey, expects the same rate of return. How much does Audrey have to deposit each month to have the same amount as Kelly in 10 years?
$131.79
$192.45
$253.11
$313.77
I don't know!



 

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