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I have to admit I just use calculators on the internet to figure this out. I was never very good with math and formulas tend to confuse me.

The calculator I use most frequently is at www.timevalue.com and it shows the following.

$24K at 15% for 20yrs = $473,171

$500 plus $100 month at 15% for 20yrs = $159,581

the calculator also shows how many months this money will last as different withdrawal rates. For example,

$473,171 earning 6.9% can provide $3619 for 240 months, OR,
$473,171 earning 6.9% can provide $2720 indefinately.

$159,581 earning 6.9% can provide $1220 for 240 months, OR,
$159,581 earning 6.9% can provide $917 indefinately.

Hope this helps and have fun.
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