IFYF Table 1: How $10.00 a Month Will Grow

February 22, 2007 Print Friendly and PDF

Back to Investing Unit 3: Strategies for Saving Money to Invest.

Table 1. How $10.00 a Month Will Grow*

Yr 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%
1 $122 $122 $123 $124 $125 $125 $126 $127 $127 $128 $129 $130 $130
2 247 249 253 256 258 261 264 267 270 272 275 278 281
3 376 382 389 359 402 408 415 421 428 435 442 449 457
4 509 520 532 544 555 567 580 592 605 618 632 646 660
5 646 665 683 701 720 740 760 781 802 825 848 872 897
6 788 812 841 868 897 926 957 989 1,023 1,058 1,094 1,132 1,171
7 933 968 1,008 1,046 1,086 1,129 1,173 1,220 1,268 1,320 1,374 1,430 1,490
8 1,083 1,129 1,182 1,234 1,289 1,348 1,409 1,474 1,543 1,615 1,692 1,773 1,859
9 1,238 1,297 1,366 1,435 1,507 1,585 1,667 1,755 1,849 1,948 2,054 2,168 2,288
10 1,397 1,472 1,559 1,647 1,741 1,842 1,850 2,066 2,190 2,323 2,467 2,621 2,787
15 2,270 2,461 2,684 2,923 3,188 3,483 3,812 4,279 4,589 5,046 5,557 6,129 6,769
20 3,283 3,668 4,128 4,644 5,240 5,929 6,729 7,657 8,736 9,991 11,455 13,163 15,160
25 4,460 5,141 5,980 6,965 8,148 9,574 11,295 13,379 15,906 18,976 22,714 27,273 32,841
30 5,827 6,940 8,357 10,095 12,271 15,003 18,445 22,793 28,302 35,299 44,206 55,571 70,098

The table can be used to find out how long it will take to reach your financial goals. It shows the growth of monthly $10 deposits invested at various interest rates. Put aside $10 a month for five years at 10%, for example, and you’ll have $781- the figure at the intersection of the year five and 10% interest columns. If you can invest $50 each month, you will have five times $781, or $3,905.

  • Adapted from: How To Save $1,000 Or More A Year by Denise M. Matejic, Rutgers Cooperative Extension; Garman, E.T. and Forgue, R.E. (2006). Personal Finance. Houghton Mifflin, Co.; and Kiplinger’s Retirement Report February 1994.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.