How much money would I need to accumulate that would provide me $3077 a month...

C

CharmagneS

New member
Joined
Nov 23, 2011
Messages
0
Reaction score
0
Points
0
...from interest only? Given that the rate of the account is 0.08% and kept for 44 years.
 
The principle you started with would be 461550.
461550 x 0.08 =36924
36924 x 44 = 1624656 in interest

So you would need to bank 461550, to get 3077$ in interest for each month of 44 years.
 
you really might wont to try a diversified portfolio that is likely to get higher interest although the risk is higher too
 
well if youre withdrawing your intereset every time it accumulates the ammount of years dont really seem to matter becasue you would keep the same innitial balance, unless of course you are refering to the number of times a year a interest is calucated and deposited in your account (ex yearly, quarterly, continuously) we need to how often the bank gives you the interest money, and without that info, its impossible to find an exzact figure. not all banks do it monthly... if it was monthy, its an equation

3077=.08*P so about 39-40 thousand. again, that is only if you have an account that gives you interest monthy, i dont know any that do.... a more realisitic way would be a lump sum of 3077*3, the number of months in each quarter of a year, so 9231/.08= $ 115,387.50
that is a lot of cheeze.

but dont forget interest can be taxed... so that complicates it even more...

hope i helped somehow lol
 
Back
Top