Question

if you invest $100 a month into a retirement account paying 6% interest compounded monthly, how much will you have after 35 years?

Answer 1

Here's the equation for one year:
0.06(100) + 100
But because it is 35 years:
35(0.06(100)) + 100
2.1(100) + 100
We can make it simpler:
3.1(100)
310
You will have $310