Question

PLEASE HELP ASAPPPP
Saul invested an average of $425 per month since age 30 in various securities for his retirement savings. His investments averaged a 3.5% annual rate of return until he retired at age 60. Given the same monthly investment and rate of return, how much more would Saul have in his retirement savings had he started investing at age 20? Assume monthly compounding.

$173,933.01

$105,570.00

$122,630.98

$178,500.00

Answer 1

@ankit042 @mathstudent55 @amistre64

Answer 2

@evilmath

Answer 3

@ndeths

Answer 4

@ivettef365

Answer 5

http://investor.gov/tools/calculators/compound-interest-calculator

Answer 6

use that website, here is what you enter
current principal = 0
Monthly addition = 425.00
years to grow = 30
Interest rate = 3.5
Compound interest = 12

when you get that amount, enter all information but with years to grow = 40, and find the difference

Answer 7

I got A

Answer 8

that is what I got as well

Answer 9

thanks so much

Answer 10

yw :)

Answer 11

:)