When he was 25, Kenneth began investing $100 per month in various securities for his retirement savings. His investments averaged a 6.5% annual rate of return until he retired at age 65. What was the value of Kenneth’s retirement savings when he retired? Assume monthly compounding of interest.

$2,283.62
$110,617.81
$228,361.89
$246,823.43

Question

When he was 25, Kenneth began investing $100 per month in various securities for his retirement savings. His investments averaged a 6.5% annual rate of return until he retired at age 65. What was the value of Kenneth’s retirement savings when he retired? Assume monthly compounding of interest.

$2,283.62 
$110,617.81 
$228,361.89 
$246,823.43

anonymous · Answer

@hartnn @Hero @dan815 @DullJackel09 @Gatorgirl @bibby @bohotness

anonymous · Answer

@amistre64 @paki @Preetha @texaschic101 @TheSmartOne @Tazmaniadevil @danish071996

anonymous · Answer

@adajiamcneal @bibby @Compassionate @DarkMoonZ @EclipsedStar @freckles @Gatorgirl @helder_edwin @iGreen @jagr2713 @Kainui @lalaly @misty1212 @Nnesha @purple_pink @Quan99 @rational @SithsAndGiggles @Teddyiswatshecallsme @whydoihavetosignup1 @xX_GamerGirl_Xx @yolo_gogo @ZDoubleM

helder_edwin · Answer

he saved for 40 years = 480 months.
6.5% annual rate = 0.5417 % monthly rate

anonymous · Answer

But it's compounded monthly.

helder_edwin · Answer

in the second month he has saved: the 1st hundred saved plus the interest on those 100$ plus the second $100 deposit

anonymous · Answer

So...C?