Using the future value formula, the amount that will be in the account after 30 years is $77,432.47.
Formula
FV = future value
PV = present value
r = annual interest rate
{n} = number of periods interest held
Online finance calculator:
N (# of periods) = 360 months (30 years x 12)
I/Y (Interest per year) = 6.5%
PV (Present Value) = $0
PMT (Periodic Payment) = $70
Results:
FV (Future Value) = $77,432.47
Sum of all periodic payments = $25,200.00
Total Interest = $52,232.47
Complete Question:
At the age of 34, you decide to deposit $70 at the end of each month in an IRA that pays 6.5% compounded monthly. What is the future when you turn 64?