1) Solving the Total Amount
Using the formula above, the easiest amount to find is the monthly amount of $150. 
2) Solving the Monthly Amount
You set up a pension plan with an annual interst rate of 8 per cent, for 35 years and you would like this to result in $1,000,000.00 for your retirement.
In this case, the easiest amount to find is the total which is $1,000,000. As in the previous example, we need to convert the interst rate to a monthly rate and convert the
years into months.
Entering the amounts into the above formula we have: 
3) Solving for the Months
You decide to invest $250 per month in a 7.5% annual interest rate pension plan and you'd like to retire with $500,000.
For this calculation. we need to use the monthly rate which is .075/12 = .00625.

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