Suppose, starting at his 25th birthday, Michael deposits $5000 at the beginning of every year into a
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Suppose, starting at his 25th birthday, Michael deposits $5000 at the beginning of every year into a retirement annuity that pays 9% interest per year, compounded annually. He wants to retire when his annuity first reaches or exceeds $1 million. Besides, for a better money management, Michael's annual deposits grow by 6% each year. So the first year he puts in $5000, the second year $5300, the third year $5618, etc.
In how many years will he be able to retire with this plan?
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