if you put 100.00 dollars in a savings sccount 45 yrs ago what would it be worth today?

Question

$100.00 was put in a savings account 45 years ago . I would like to know what it would be worth today.

Answer 1

To answer this we need to know the interest rate and how often it is compounded.

For example:  3% interest compounded semiannually (2 times per year)

 

A = p(1+r/n)^nt

A = final amount

p = principal = 100

r = interest rate = 3% = 3/100 = 0.03

n = # times compounded per year = 2

t = time in years = 45

 

A = 100(1+0.03/2)²⁽⁴⁵⁾

A = 100(1.015)⁹⁰

A = $381.89

 

This is just an example to show you how the problem is done.