At the end of 40 years I want to have $500,000 with interest of 5%. How much money do I have to put in every month to get close to $500,000 in 40 years?
Is the interest paid yearly or monthly? If you're trying to find the present value it's just a simple calculation
Present value = future value after t periods / (1+r)t
r = interest rate t = no of periods
PV = 500000/(1.05)^40 = $71022.84 / 12 months = $5918.57 per month
Well, it's not my strongest subject. Not confident about that at all :)
I did a little looking around...here is a basic compound interest calculator...you need to play with a little to get the answer you're looking for.
http://www.basic-mathematics.com/compound-interest-calculator.html
this is straight forward I'll do it when I get back if no one else has done it.
something between $1050-1100 per month.