To find the total amount that you contributed out of your pocket, you can calculate the monthly contribution and then multiply it by the number of months over the total investment period.
You are investing $25 per month for 30 years.
-
First, calculate the total number of months in 30 years: \[ 30 \text{ years} \times 12 \text{ months/year} = 360 \text{ months} \]
-
Next, calculate the total contribution: \[ 25 \text{ dollars/month} \times 360 \text{ months} = 9000 \text{ dollars} \]
Therefore, the total amount that you contributed out of your pocket is $9,000.