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Introduction
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The other numbers will adjust automatically.
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You can use the menu options FILE and then MAKE A COPY to create your own version of this spreadsheet if you wish.
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Initial Savings:\$500
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Monthly Deposit:\$40
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Annual Interest Rate:0.03
Monthly Interest Rate:
0.0025
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months from nowstarting balancedeposit (at beginning of each month)interest due oninterest earnedending balance
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1\$500.00\$40.00\$540.00\$1.35\$541.35
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2\$541.35\$40.00\$581.35\$1.45\$582.80
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3\$582.80\$40.00\$622.80\$1.56\$624.36
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4\$624.36\$40.00\$664.36\$1.66\$666.02
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5\$666.02\$40.00\$706.02\$1.77\$707.79
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6\$707.79\$40.00\$747.79\$1.87\$749.66
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7\$749.66\$40.00\$789.66\$1.97\$791.63
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8\$791.63\$40.00\$831.63\$2.08\$833.71
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9\$833.71\$40.00\$873.71\$2.18\$875.89
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10\$875.89\$40.00\$915.89\$2.29\$918.18
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11\$918.18\$40.00\$958.18\$2.40\$960.58
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12\$960.58\$40.00\$1,000.58\$2.50\$1,003.08Total Saved
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Total Deposited:\$980.00\$23.08Total Interest
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Application Questions
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1. Think about one expense your household could reduce. Estimate a monthly dollar amount you could save instead.
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2. Think about your goals for saving? Will the money be used for a car, house, education, retirement, or something else?
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3. Would you save with a bank account? Think about the research done during the Week 2 Discussion Forum.
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What interest rate might a bank account earn?
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4. Would you save with an IRA account or an Oregon 529 Plan?
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Think about the discussion in class about investment options. What interest rate might an IRA account earn?
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