You are 44 years old, you wish to retire at 65.

You earn $75,000 a year and already have $100,000 in your super account.

You have an average annual super rate of 5.1%.

Calculate by formula the future value of your superannuation if your contributions continue to be 9% of your income but your income increases on average by 3% per annum.

The only formula given is,

Sn = a[(1+r)^n -1] ÷ r

Where a = repayment, (monthly, fortnightly etc)

r = growth rate, eg

nominal interest rate per annum ÷ number of interest periods per year

and n =

time in years * number of interest periods per year

dont even know if thats the right formula to be using, i think a new formula needs to be developed im not sure

thanks for the help anyway guys