Question 170114
</pre><font size=4><b>
Working eqn -----> {{{F=P(1+(i/m))^(mn)}}}
Where--->{{{system(F=FutureValue,P=Principal,i=interest,n=years,m=CompundedPerYear)}}}
*Note: {{{n=65-23=42yrs}}}
Then,Investing now @ 23 years old:
{{{F=500(1+(0.05/4))^(4*42)}}}
{{{F=500(1.0125)^168}}}
{{{F=500(8.0605626)}}}
{{{F=4030.28}}}
Investing @ 40 years old:
{{{n=65-40=25years}}}
{{{F=500(1+(0.05/4))^(4*25)}}}
{{{F=500(1.0125^100)}}}
{{{F=500(3.4634043)}}}
{{{F=1731.70}}}
Therefore, amount of money he will have more then ---> {{{4030.28-1731.7=highlight(2298.58)}}}, Answer
.
Thank you,
Jojo