2. Saul invested an average of $425 per month since age 30 in various securities for his
retirement savings. His investments averaged a 3.5% annual rate of return until he retired at
age 60. Given the same monthly investment and rate of return, how much more would Saul
have in his retirement savings had he started investing at age 20? Assume monthly
compounding

$507.30

Step-by-step explanation:

-Given the monthly deposits are $425 and the interest rate is 3.5% for 30 years.

-The amount of the investment after 30 years is calculated as;

-Assuming Saul started saving at age 20, his investment term will be 40 yrs.

-His investment amount is thus:

#We subtract to find how much more he would have if he started saving at 20;

Hence, Saul would have $507.30 more had he started saving 10 years earlier.

step-by-step explanation:

dong do iy iys a scram