Question

If you save $550 every month (and earn 6% per year), how much will you have after 40 years?

Answer 1

Hello,

So it's asking how much per year profit if puting in 550$ every month for 40 years is and earns .06% a year so multiply 550 x 12...

12 months in a year right?

Awesome! hard part out the way. Now we should have 6,000 in that a year so now let's do the interest formula and figure it out...

6000 x .06 x 40 = 14,400$ after 40 years saving...

Congrats buddy!