SOLUTION: Use formulas: S = P*(1+r/12^12t-1) / (r/12) S stands for the accumulated savings when you invest P amount every month for t years at an interest rate r which is compounded month

Question 22735: Use formulas: S = P*(1+r/12^12t-1) / (r/12)
S stands for the accumulated savings when you invest P amount every month for t years at an interest rate r which is compounded monthly.
If you invest $250. in an account each month beginning when you are 30 years old, how much will you have at 55 when you plan to retire, if it is invested at 5% compounded monthly.
Answer by Paul(988) (Show Source): You can put this solution on YOUR website!
55-30=25 years.
A= 250(1+0.05/0.12)^25
Solve it from there.
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