Mathematics, 19.07.2019 10:30 BeeShyanne
Dale is 35 years old and planning to retire at age 65. he will invest an average of $155 each month with an average annual return of 3.7% adjusted for inflation. if interest compounds monthly, how much money will dale have in savings at the beginning of his retirement?
Answers: 1
![FV=A[ \frac{(1+ \frac{r}{s})^{Ns} -1 }{r} ]](/tpl/images/0107/4954/cdff5.png)
, where A is the monthly payment, r is the percentage rate, s is 12 (monthly compound) and N is the time, which is 30. Plugging the numbers into the formula, we write that ![FV=155[ \frac{(1+ \frac{0.037}{12} )^{12*30} - 1 }{0.037} ]](/tpl/images/0107/4954/991c5.png)
= $8485.450857
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Dale is 35 years old and planning to retire at age 65. he will invest an average of $155 each month...
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