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Let us tackle this in two stages. First, we will figure out how much you will accumulate over 20 years by setting aside $200 each month, with a 6% annual interest rate that compounds monthly. Then, we will adjust the calculation to $220 per month, considering the extra $ 20 you are saving from your auto insurance discount.

Part 1: Saving $200 a Month

1. Monthly Savings: $200

2. Annual Interest Rate: 6% (monthly compounded)

3. Monthly Interest Rate: (6% / 12) =0.5%

4. Total Months: 20 12 = 240 months

The Future Value (FV) of a series of monthly payments (P) made at the end of each period, compounded monthly at a rate (r) over (n) periods, is calculated as:

FV = P x ((1 + r)^n - 1) / r

Part 2: Saving $220 a Month

1. Monthly Savings: $220

2. All other factors are the same as above.

Using precise Python calculations, we will now calculate the future value of saving $220 per month. Here iswhat your retirement savings could look like after 20 years:

1. Saving $200 a month:

Future Value $92,408.18

2. Saving $220 a month (including the $20 monthly discount from your auto insurance):

Future Value $101,649.00

By bumping up your monthly savings to $220, thanks to your auto insurance discount, you could see an additional growth of about $9,240.82 in your retirement fund. This example shows how even modest increases in your savings can significantly enhance the Future Value, showing the power of compound interest.