10-31-2007, 07:03 PM
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Greenhorn
Join Date: Jul 2006
Posts: 16
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I opend a savings account in 1975 in Philadelphia.?
Six months ago, I visited one of those lost treasure websites, and found out that that this bank was holding this long lost savings account that I opened when I was working as a waiter.<br />They stated that it was over 100.00 dollars without divulging the interest amount.<br />I am wondering how much this account would be worth now in 2007?<br />I believe interest on savings was about 4% back then.<br />Maybe someone good in math could calculate this.<br /><br />I realize the answers will not be accurate, but many will be interesting, and fun to hope.<br />Thanks<br />
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10-31-2007, 07:03 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 18
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I opend a savings account in 1975 in Philadelphia.?
Rule of 72, never forget it.
Take the interest rate, and divide it into 72, that is the number of years it will take to double. Of course, it would take 14 years for the 100 to double at 4%. And of course, that 4% didn't stay at 4% either. It may have doubled, or tripled. Let me know, as I am curious. |
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