Savings for retirement

Question

Starting at the age of 22, every night you take $5 out of your pocket and put it in money box. At the end of the year, you place the money from the envelope in a stock fund with an average interest rate of 10% how much will you have in the account at the age of 65?

Answer 1

Age 22: $5*365=$1825/yr*1.1=$2,007.50

23: " " " +2007.50=3832.50*1.1=4215.75

This is to be figured until age 65.