Correct me ?

Kent started saving for retirement at age 35 with plans to retire at age 70. He invested an average of $600 per month in various securities, with an average annual return of 5% adjusted for inflation. Assuming monthly compounding, how much has Kent saved at the start of retirement?

$54,192.18

$825,655.46

$499,355.18

$681,655.46

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Is this the right formula for this problem ?
FVOA=C*((1+i)^(n*t)-1))/(i)

Question

Correct me ? 

Kent started saving for retirement at age 35 with plans to retire at age 70. He invested an average of $600 per month in various securities, with an average annual return of 5% adjusted for inflation. Assuming monthly compounding, how much has Kent saved at the start of retirement?

 $54,192.18

 $825,655.46

 $499,355.18

 $681,655.46

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Is this the right formula for this problem ?
FVOA=C*((1+i)^(n*t)-1))/(i)

anonymous · Answer

First off, you should have either said "Correct me." or "Will someone correct me?"

anonymous · Answer

Commands end with periods.

anonymous · Answer

..? what does that have to with my question . I obliviously asked if my formula was correct for the question. next time think before you type @Sdowney

anonymous · Answer

I am thinking, but I find it obnoxious when people don't use proper grammar

anonymous · Answer

I know your question, but that needed to be said first.

anonymous · Answer

Well this is mathematics buddy .. not english

anonymous · Answer

600*((1+0.05)^(n*t)-1))/(0.05)  ?

anonymous · Answer

@Sdowney I bet ... Are you having a bad day ?

anonymous · Answer

The answer is "$681,655.46" How ? Use this formula here it's already plugged in 600*((1+0.004166667)^(12*35)-1))/(0.004166667) http://www.wolframalpha.com/input/?i=FVOA%3D600*%28%281%2B0.004166667%29%5E%2812*35%29-1%29%29%2F%280.004166667%29