Question 1039606
Age 25 and planning to retire at 65 = 40 years of savings.
Interest:0.055
Savings: 50
:
PMT*(((1+r/n)^nt-1)/(r/n))= Amount
50*((1+0.055/12)^(12*40)-1)/(0.055/12)
50*(7.9798/0.00458) = Amount
50*1742.31 = 87,115.50 This is how much you will have at the end of 40 years. Great example of the power of compounding.
John