Keith started saving for retirement at age 45 with plans to retire at age 70. He invested an average of $500 per month in variou

Question

3 years ago

7

Keith started saving for retirement at age 45 with plans to retire at age 70. He invested an average of $500 per month in variou

s securities, with an average annual return of 6% adjusted for inflation. Assuming monthly compounding, how much has Keith saved at the start of retirement? (show work)
A= $27,432.26
B= $446,496.98
C= $346,496.98
D= $712,355.15

Mathematics

1 answer:

saveliy_v [14] · Answer 1 · 2022-08-29T00:47:14+03:00

saveliy_v [14]3 years ago

8 0

500×((1+0.06÷12)^(12×25)−1)÷(0.06÷12)
=346,496.98