If you invest $100 a month into a retirement account paying 6% interest compounded monthly, how much will you have after 35 years?

Question

Mathematics

Demetrius French

8 December, 09:13

If you invest $100 a month into a retirement account paying 6% interest compounded monthly, how much will you have after 35 years?

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Answers (1)

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Jessica Thompson · Answer 1

Here's the equation for one year:

0.06 (100) + 100

But because it is 35 years:

35 (0.06 (100)) + 100

2.1 (100) + 100

We can make it simpler:

3.1 (100)

310

You will have $310