You will be receiving $5,000 from your family as a graduation present. You have decided to save this money for your retirement. You plan to retire thirty years after graduating. How much additional money will you have at that time if you can earn an average of 9 percent on your investment instead of just 8 percent? (Round to the nearest dollar)

Answer 1

difference
= 5000( 1.09^30 - 1.08^30)
= $16,025.11

Answer 2

Thank you very much Reiny~