Question
Hello, I need your help with an equation that can give me the sum of interest accumulated on a quarterly basis! The AMount of ($$$)
Hello, I need your help with an equation that can give me the sum of interest accumulated on a quarterly basis!
The AMount of ($$$) invested at Age ( age ) will accumulate ( amount $$ ) at a 4.5% rate compounded on a quarterly basis.
example:
At 18 years of age - I contributed $30.67 monthly toward a saving account, which generates a 4.5% compounded on a quarterly basis.
at the age of 65 - my account will generate $18, 939.
at 30 years of age, I contributed $51.13 every month, at 65 it will generate 17.420
at 50 years of age, I contributed $143.42 every month at 65 it will generate $11,116
I need a formula that can help me insert the amount ($) invested on monthly basis, starting at a specific age, to figure how much interest the saving account will generate a specific year? in the example I am showing the value at 65 years of age, I want to be able to calculate it at any age.
hope I make sense,
Thank you in advance,
Ashraf
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