08 Fill in the Blank Text 0/1 Bonus Concept I wish someone had taught me this earlier. In a previous question I asked you to put $10000 in an account at age 20, add $500 a month for 10 years and the love it alone until you retire. Do you remember how much money you ended up with? What if you decided to wait until you were 40 years old to do the same thing and kept putting money in until you retire at 65. Check it out Present Value = $10,000 (our initial amount) Future Value - X (This is what we're looking for this time) Rate = 9% (This is an average return rate for most investments over the long run) Payments = We are putting in $500 a month for 12 months so a total of $6000 payment Periods - 25 Annual Periods (we're going to keep throwing money in this until we retire) What did you end up with? 61738.48 Students cannot emphasize this enough. Start saving and Investing NOW! Do not wait and delay. The longer the money is allowed to sit and compound the better off you'll be $10,000 is a lot of money. So is $500 for quite a few people a month. But if you are diligent, disciplined and willing to put off fulfilling wants now think of what you can fulfill in the future! Calon Plan PRIVACY POLICY | Terms of Use