Two assumptions: the deposit is made at the beginning of the month
and that the amount accumulates for 70 years (not until you are 70).
A = final amount
d = amount of deposit
r = rate if interest
n = number of deposit/calculations per year
t = number of years
A = d { ((1 + r/n )nt+1 - (1 + r)) / r }
A = 100 { ((1 + 0.00583)841 - (1 + 0.00583)) / 0.07 }
A = 100 { (132.793 - 1.0053) / 0.07 }
A = 100 · 1882.68143
A = 188,268.14
After 70 years you shall have $188,268.14. No wonder Einstein called compound interest the eighth wonder of the world.
