Charlie plans to retire at the age of 65 (in 43 years), and decides he can afford to contribute $550 per month into his superannuation fund. His employer will also pay $600 per month (as required by workplace law) into his superannuation account, therefore at the end of every month $1 150 (ignore tax implications) will be contributed towards his superannuation savings.

question=

Assuming contributions of $1 150 per month do not change over the next 43 years, and his superannuation fund has the capacity to grow at 7% p.a. compounded monthly, how much will Charlie have in his superannuation account when he retires at age 65?