As a 22-year-old finance graduate, you realize that you can quickly estimate your retirement age by knowing

Question:

As a 22-year-old finance graduate, you realize that you can quickly estimate your retirement age by knowing how much you need to retire, how much you can contribute each month to your retirement account, and what rate of return you can earn on your retirement investments.

You estimate that you will need $3,000,000 to retire, can make $1,700 retirement contributions at the end of each month, and will earn a 7.4% nominal annual return. Use Excel to estimate the age at which you will be able to retire.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Principles Of Managerial Finance

ISBN: 9781292400648

16th Global Edition

Authors: Chad Zutter, Scott Smart

Question Posted: