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monthly investment = 200, years = 40, interest rate = 8%
total value at end of investment period = 648,000
M = final amt including principal
P = principal
i = interest
n = no. of years invested
Formula:
The easiest way is to buy a financial calculator which has all those formulas built in. It is difficult on a regular scientific calculator.
Here is the formula.
S = P(1 + r/k)^n
S Final value of investment
P Initial
The best way to ensure your future financial freedom is to start now. Here are some important financial steps you can take to prepare for your retirement:
Save Save Save: It's a simple concept. You can only build wealth if you spend less than you earn. The more you save, the richer you become. And, the longer you save, the more wealth you will accumulate. Saving is the ultimate key to wealth. But, it takes time and patience. Luckily, if you're still young, time is on your side. If, for example, you're currently age 33 and you save $100 per month until you are age 66, you will have saved $39,600 by retirement. Not bad!
Take On Risk While You're Young: If things go wrong, you have more time to earn it back. A simple rule of thumb is to subtract your age from 100 and put that amount in common stock. As a 33-year-old this maxim says I should have 67% of my savings allocated to common stocks.
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