Answer:When you leave the interest in your
account or reinvest the money you earn on your
investments, the money you earn starts to earn
money too. Over time, the magic of
compounding works, allowing your money to
grow with dramatic results. The more time you
have to save, the less money you need to save
because of compounding. And the longer you
wait to start saving, the more you have to spend
to reach your goal. For example, let’s assume
that Maria’s savings grow by 5% a year. If she
starts to save $243 a month now, it will cost her
$58,320 to have $100,000 in twenty years. If
she waits 10 years to start saving, she will have to
save $644 a month for 10 years, and it will cost
her $77,280 to reach $100,000 in twenty years.
Step-by-step explanation:Hope this helps!!!!
