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
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".