Okay so what you do is go to your local bank and speak to anyone that works there and tell them you wish to open a savings account. They will tell you who to speak to. Then that person will show you the various options offered by that bank. Each bank offers all sorts of different savings accounts that build interest in different ways. There are different interest rates, and there's two forms of collecting that interest, continually, and compound. Continually is described by the equation T=P(e^rt). In this equation, T is the Total amount you'll have in the end, P is the Principal amount you first invested, e is a constant (e=2.71828183), r is the rate of interest, and t is the amount of time. Compound interest is described by the equation T=P(1+(r/n))^nt. In this equation, T is the Total amount you'll have in the end, P is the Principal amount you first invested, r is the investment rate, n is the number of times compounded (I'll go back to this in a second), and t is time. With a compound interest account, the interest is collected in intervals. If it's annually, then it's done once a year, and the value of n would be 1, if it's bi-anually, then it's done twice a year, and the value of n would be 2, monthly would be 12, daily 365, etc... I can't say how much money you'd have after six months with 200 dollars and 75 added each month because I don't know the interest rate on the account. To properly calculate that, you'd have to know how to calculate exponential sequences, and that starts to get pretty complicated. By the way, you must be 18 years old to get a savings account, however you can get one sooner as long as a parent/guardian accompanies you.
