Bradley invested an average of $550 per month since age 49 in various securities for his retirement savings. His investments averaged a 7% annual rate of return until he retired at age 73. Given the same monthly investment and rate of return, how much more would Bradley have in his retirement savings had he started investing at age 40? Assume monthly compounding.

I got 4,158 which isnt even close to any of the answers, i put the monthly payment times 12 times the number of years times the annual rate

Question

Bradley invested an average of $550 per month since age 49 in various securities for his retirement savings. His investments averaged a 7% annual rate of return until he retired at age 73. Given the same monthly investment and rate of return, how much more would Bradley have in his retirement savings had he started investing at age 40? Assume monthly compounding. 


I got 4,158 which isnt even close to any of the answers, i put the monthly payment times 12 times the number of years times the annual rate