## What Will it Take to Save for?

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Explanation

We have calculated the future value of your savings based on the interest rate you
entered. We assume that interest is compounded annually, so you should enter the
APY (Annual Percent Yield) rather than the 'nominal' yield. For example, your bank
may pay 5.00% with interest compounded quarterly and an APY of 5.09%. You should
enter 5.09, and not 5.00, in this calculator.

We assumed that all contributions will be made at the end of each month, and that
earnings are fully taxable at the rate you entered.