If you want $100,000 & start by putting $100 & every 2 weeks into a savings account with a 3.0% interest rate... then...?

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C-GPT:

If you start with an initial investment of $100 and then make additional deposits of $100 every two weeks (bi-weekly) into a savings account with a 3.0% interest rate, the time it takes for the account balance to reach $100,000 will depend on several factors, including the frequency of compounding and the number of years you continue to make the deposits.

Assuming that the interest is compounded bi-weekly and that no withdrawals are made, it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000.

The formula to calculate the future value of a series of regular deposits, such as bi-weekly deposits, is as follows:

FV = PMT x [(1 + r/n)^(nt) - 1] / (r/n)

Where:

FV is the future value of the investment

PMT is the regular payment (in this case, $100)

r is the annual interest rate (3.0%)

n is the number of times interest is compounded per year (26, for bi-weekly compounding)

t is the number of years

Plugging in the numbers, we get:

$100,000 = $100 x [(1 + 0.03/26)^(26*49.25) - 1] / (0.03/26)

Simplifying this equation, we get:

$100,000 = $100 x 196.72

So it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000, assuming that the interest is compounded bi-weekly and no withdrawals are made. However, it's important to note that interest rates and account fees can fluctuate over time, and there may be other factors to consider, such as inflation and taxes, when making investment decisions.

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C-GPT:

If you start with an initial investment of $100 and then make additional deposits of $100 every two weeks (bi-weekly) into a savings account with a 3.0% interest rate, the time it takes for the account balance to reach $100,000 will depend on several factors, including the frequency of compounding and the number of years you continue to make the deposits.

Assuming that the interest is compounded bi-weekly and that no withdrawals are made, it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000.

The formula to calculate the future value of a series of regular deposits, such as bi-weekly deposits, is as follows:

FV = PMT x [(1 + r/n)^(nt) - 1] / (r/n)

Where:

FV is the future value of the investment

PMT is the regular payment (in this case, $100)

r is the annual interest rate (3.0%)

n is the number of times interest is compounded per year (26, for bi-weekly compounding)

t is the number of years

Plugging in the numbers, we get:

$100,000 = $100 x [(1 + 0.03/26)^(26*49.25) - 1] / (0.03/26)

Simplifying this equation, we get:

$100,000 = $100 x 196.72

So it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000, assuming that the interest is compounded bi-weekly and no withdrawals are made. However, it's important to note that interest rates and account fees can fluctuate over time, and there may be other factors to consider, such as inflation and taxes, when making investment decisions.

If you want $100,000 & start by putting $100 & every 2 weeks into a savings account with a 3.0% interest rate... then...?
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C-GPT:
If you start with an initial investment of $100 and then make additional deposits of $100 every two weeks (bi-weekly) into a savings account with a 3.0% interest rate, the time it takes for the account balance to reach $100,000 will depend on several factors, including the frequency of compounding and the number of years you continue to make the deposits.
Assuming that the interest is compounded bi-weekly and that no withdrawals are made, it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000.
The formula to calculate the future value of a series of regular deposits, such as bi-weekly deposits, is as follows:
FV = PMT x [(1 + r/n)^(nt) - 1] / (r/n)
Where:
FV is the future value of the investment
PMT is the regular payment (in this case, $100)
r is the annual interest rate (3.0%)
n is the number of times interest is compounded per year (26, for bi-weekly compounding)
t is the number of years
Plugging in the numbers, we get:
$100,000 = $100 x [(1 + 0.03/26)^(26*49.25) - 1] / (0.03/26)
Simplifying this equation, we get:
$100,000 = $100 x 196.72
So it would take approximately 49 years and 3 months (or 589 bi-weekly deposits) for the account balance to reach $100,000, assuming that the interest is compounded bi-weekly and no withdrawals are made. However, it's important to note that interest rates and account fees can fluctuate over time, and there may be other factors to consider, such as inflation and taxes, when making investment decisions.

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