Question 72456
Suppose that you save for retirement by contributing the same amount each month from your 23rd birthday until your 65th birthday, in an account that pays a steady 5% annual interest compounded monthly. 
a) How much will be in your fund at age 65 if you save $ 100 a month?

Formula for "future value of an annuity":
S = R[(1+i)^n -1]/i
S = 100[(1+(0.05/12))^(32*12) -1]/(0.05/12)
S = 100[23.3699]/0.004
S = $584,247.50
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b) How much will be in your fund if you get a steady return of 7.5% compounded monthly? Don't have a formula for this; suggest you post it separately.
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c) How much will be in your fund if you get a steady return of 10% compounded monthly? Don't have a formula for this; suggest you post it separaely.
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Cheers,
Stan H.