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28 November, 00:45

If you invest $100 a month into a retirement account paying 6% interest compounded monthly, how much will you have after 35 years?

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  1. 28 November, 00:55
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    Here's the equation for one year:

    0.06 (100) + 100

    But because it is 35 years:

    35 (0.06 (100)) + 100

    2.1 (100) + 100

    We can make it simpler:

    3.1 (100)

    310

    You will have $310
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