The AI (ChatGPT) S&P 500 Investing Guide: Getting to $1,000,000 With a Recurring Monthly Investment

Here is the response from ChatGPT for the prompt $1000 invested each month for 360 months at 8% annual rate is worth 1,500,295.18 entered on April 11, 2023.

That calculation is correct. If you invest $1000 per month for 360 months (which is 30 years), with an annual interest rate of 8%, compounded monthly, you will have a total of $1,500,295.18 at the end of the 30-year period.

This calculation assumes that you make regular monthly contributions and that the interest is compounded monthly. It also assumes that there are no additional fees or taxes associated with the investment.

$500 Monthly Investment at 10%

Here is the response from ChatGPT for the prompt $500 invested each month for 360 months at 10% annual rate is worth $1,139,662.66 entered on April 11, 2023.

That calculation is also correct. If you invest $500 per month for 360 months (which is 30 years), with an annual interest rate of 10%, compounded monthly, you will have a total of $1,139,662.66 at the end of the 30-year period.

Again, this calculation assumes that you make regular monthly contributions and that the interest is compounded monthly. It also assumes that there are no additional fees or taxes associated with the investment.