Is there really something where if u put a $1000 a year in the bank for 30 years, u will get a million dollar

Question

its @ chase bank.

thats what my aunt told me but i cant believe it how can the $ 3000 turn out to be a million?

Answer 1

theres somthing called a bond where u give the goverment your money 2 double, and 4 so many years and u cant touch it then it will double.

hope that helps

and sorry i have never heard of what your aunt told u :(

Answer 2

If you started an IRA and put up to $5000/yr in it for 30+ years you could have a million dollars in it when you go to retire.  

Answer 3

no... more like $1000/month

Answer 4

depends on the interest rate

Answer 5

compounding interest

Answer 6

It'll work great if you find a bank that will give you 18 percent interest.  Finding that might be a little tricky.

Answer 7

Sounds like your aunt was exaggarating. The point she was trying to make is the power of compounding interest.

Put in some numbers on the calculator at http://www.bankaround.com/education/calc... and you'll be able to see the numbers.