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Formula for figuring compound interest
Hi,
I need a formula for figuring out a retirement saving plan for my Grandson. He wants to start by depositing $250.00 initial investment and adding $50.00 per month for 40 years. If he earns 5.0% interest compounded monthly how much will he have in 40 years? Any help with this formula will be greatly appreciated. Thanks. Starlin |
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