SOLUTION: How do you solve:
Assume you are investing in a retirement annuity earning 6% compounded monthly. If you begin investing $100 each month starting when you are 25, how much money
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Assume you are investing in a retirement annuity earning 6% compounded monthly. If you begin investing $100 each month starting when you are 25, how much money
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Question 376689: How do you solve:
Assume you are investing in a retirement annuity earning 6% compounded monthly. If you begin investing $100 each month starting when you are 25, how much money did you put in the account if there is $199149.0734 in the retirement account when you are 65?
Thank you! Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! How do you solve:
Assume you are investing in a retirement annuity earning 6% compounded monthly.
If you begin investing $100 each month starting when you are 25, how much
money did you put in the account if there is $199149.0734 in the retirement
account when you are 65?
:
You put $100 a month in for 40 yrs; 40*12 = 480 months
480 * 100 = $48000
