Saving $100 per month from age 20 to age 70 with an eight percent return (compounded monthly)will give you over three quarters of a million dollars.

Question

Quizplus · Accepted Answer

Using the compound interest formula, we can calculate that saving $100 per month for 50 years with an 8% interest rate, compounded monthly will result in a total of $1,004,524.42, which is indeed over three quarters of a million dollars.

Saving $100 Per Month from Age 20 to Age 70