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OpenStudy (anonymous):
Brenton invested an average of $250 per month since age 39 in various securities for his retirement savings. His investments averaged a 6% annual rate of return until he retired at age 66. Given the same monthly investment and rate of return, how much more would Brenton have in his retirement savings had he started investing at age 25? Assume monthly compounding.
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OpenStudy (anonymous):
@ganeshie8
OpenStudy (anonymous):
write a formula for this equation and you'll be able to find out quite quickly.
OpenStudy (anonymous):
answer is $330,027.55 :)
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