Question 1130371
This is the formula for compound interest:
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{{{N=P(1+r/n)^nt}}}
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N is the new amount.
P is the principal amount.
r is the annual interest rate.
n is how often the interest is compounded per year.
t is the number of years.
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Option 1:
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At age 65 (47 years service): 47 * $15,000 = $705,000
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At age 55 (37 years service): 37 * $15,000 = $555,000
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Option 2:
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At age 65 (47 years service):
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{{{N=10000(1+0.096/12)^(12*47)}}} = $894,829.12
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At age 55 (37 years service):
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{{{N=10000(1+0.096/12)^(12*37)}}} = $343,934.91
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So, at age 65 (47 years service), Option 2 is best.  At age 55 (37 years service), Option 1 is best.