Tenure of investment=40*12=480 months
Monthly interest rate =1%
Total savings after 40 years would be $6,526,030.449
Below is the calculation for determining the future value after 40 year:
You are planning to retire in 40-years. You plan on putting aside $300 each month and increase that saving by 0.5% each...
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You are planning for your pension plan that you will start to
invest money, deposit first saving a year from today, deposit last
at 20, and get retired after 20 years. You desire to take an
immediate trip, costing approximately 15000 TL.(t=20) when you
retire, and expect to live 25 more years, for which you need
12000TL each year, starting from one year from retirement. Your
savings will be equal and on annual basis. Savings will earn 10%
annually. a)...
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