please help me tedpond to my peers

peer 1

Hello,

Monthly savings - $200. For 20 years = 240 months. 6%/12 (annually) = 0.005. You would save roughly $92,408 in 20 years

Retirement savings - $220. For 20 years = 240 months. 6%/12 (annually) = 0.005. You would save roughly 101,649 in 20 years

Adding an additional $20 a month over 20 years would be almost another 10,000 to it.

peer 2

Hello classmates,

If you put $200 a month away, earning 6% annually for 20 years compounded monthly, you will save about $92,408.18. If you save $220 a month instead of $200 at the same rate for 20 years compounded monthly, you will save around $101,648.99.

If you save an additional $20 a month, you will receive around $9,240 more than you would putting $200 a month away. That is around $38.50 a month or almost double the $20 extra dollars being saved.