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You save $500 in a retirement account at age 25. it increases an average of 10% per year until you are 65. which formula and result indicates how much money you will have in this account at age 65?
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2 votes
You save $500 in a retirement account at age 25. it increases an average of 10% per year until you are 65. which formula and result indicates how much money you will have in this account at age 65?

User Ikettu
by
8.4k points

2 Answers

1 vote
divide percent over 100
User Antonio Cangiano
by
7.1k points
3 votes

Answer:

500 x (1 + 0.10) ^ (65 - 25) = $22,629.63

Explanation:

User Vinoy Alexander
by
7.6k points
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