Social security contributions and living expenses

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Reference no: EM131948014

1) You earn $8,000 a month. After taxes, social security contributions, and living expenses you have $400 per month that you can and will save. What is the future value of $400 saved every month for 30 years if the annual rate is of return is 12%. Interest is compounded monthly. Your first deposit is made at the end of month 1. We are looking for the value of your savings 30 years from the time you stated saving.

2) You earn $8,000 a month. After taxes, social security contributions, and living expenses you have $200 per month that you can and will save. What is the future value of $200 saved every month for 30 years if the annual rate is of return is 6%. Interest is compounded monthly. Your first deposit is made at the end of month 1. We are looking for the value of your savings 30 years from the time you stated saving.

Reference no: EM131948014

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