Answer the questions below? Strategy 2: Savings Early Plan 

Reply the questions under

Technique 2: Financial savings Early Plan 

  1. Compound Curiosity 8.75% month-to-month

Funding of $350 month-to-month (finish month)

Variety of years: 15

Variety of months: 15*12=180

Compound curiosity method A=P*(1+r)n

A symbolize Quantity, P represents the preliminary funding, r represents the rate of interest, n is time in months, C is the quantity of the periodic contribution

 

Subsequently, P= $350, r= 0.0875, n=180 because the curiosity is compounded month-to-month

Utilizing A=P*(1+r)n + C method, Quantity shall be $1,262,803,733.2 + $3,608,009.7

Quantity= $1,266,411,742.9

  1. After 15 years, there shall be 28 years remaining until retirement
  2. The cash current within the account after 43 years would be the cash current within the account within the first 15 years ($1,266,411,742.9), plus the curiosity accrued over the remaining 28 years

The method for curiosity accrued over the remaining 28 years is A=P*(1+r)n

A symbolize Quantity, P represents the preliminary funding, r represents the rate of interest, n is time in months,

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