"kirk started saving for retirement at age 50 with plans to retire at age 70. he invested an average of $300 per month in various securities, with an average annual return of 4% adjusted for inflation. assuming monthly compounding, how much has kirk saved at the start of retirement? "

The answer is FV = $110,032.39

Explanation:

Monthly Savings, P = $300

Saving period = 70 - 50 = 20 years

Number of months of savings, n = 20 * 12 = 240 Months

Annual interest rate = 4% = 0.04

Monthly interest rate, r = 0.04/12 = 0.0033

The formula for finding FV is as follows. Just by putting data in it, we can find the answer.

FV = P { (1+r) ^ n-1) / r }

FV = 300 { (1+0.04/12) ^ 240-1) / 0.04/12 }  

FV = $110,032.39

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.