Results 1 to 2 of 2

Thread: compounding again..

  1. #1
    Newbie
    Joined
    Nov 2011
    Posts
    3

    compounding again..

    Hey everyone
    Can you help me?

    Assume you had saved $35.00 a month since you were 18 years old. when you got to be 70, the age at which you must begin withdrawing all retirement plans, how much money would you end with? 5% and monthly compounding
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Banned
    Joined
    Dec 2007
    From
    Ottawa, Canada
    Posts
    3,184
    Thanks
    80

    Re: compounding again..

    Quote Originally Posted by agooolka View Post
    Assume you had saved $35.00 a month since you were 18 years old. when you got to be 70, the age at which you must begin withdrawing all retirement plans, how much money would you end with? 5% and monthly compounding
    i = .05/12
    n = (70-18)*12 = 624 months
    Use the "future value of annuity formula".
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. compounding interest
    Posted in the Algebra Forum
    Replies: 3
    Last Post: Aug 25th 2010, 03:36 PM
  2. Compounding question
    Posted in the Business Math Forum
    Replies: 3
    Last Post: Jul 13th 2010, 06:31 AM
  3. Compounding Continuously
    Posted in the Business Math Forum
    Replies: 2
    Last Post: Sep 28th 2009, 07:57 PM
  4. Compounding quarterly!
    Posted in the Math Topics Forum
    Replies: 1
    Last Post: Apr 22nd 2008, 11:31 AM
  5. Bank Compounding
    Posted in the Business Math Forum
    Replies: 2
    Last Post: Jan 27th 2007, 09:49 AM

/mathhelpforum @mathhelpforum