Your goal is to retire in 20 years. You plan to start on this path by saving $200 a month. If you earn 6% annually (us
Posted: Wed Jul 06, 2022 6:40 pm
Your goal is to retire in 20 years. You plan to start onthis path by saving $200 a month. If you earn 6% annually(using monthly compounding), how much will you have saved in 20years?
Right before you started saving, you were notified by your autoinsurance company that you will receive a discount of $20 a monthon your auto premium because of your impeccable drivingrecord. If you chose to put those savings towards yourretirement goal each month, how much would your retirement accountbe worth if you save $220 a month for 20 years with an annualreturn of 6% (compounded monthly)?
Right before you started saving, you were notified by your autoinsurance company that you will receive a discount of $20 a monthon your auto premium because of your impeccable drivingrecord. If you chose to put those savings towards yourretirement goal each month, how much would your retirement accountbe worth if you save $220 a month for 20 years with an annualreturn of 6% (compounded monthly)?