Question: Tommy has a goal of amassing 1 million by the
Tommy has a goal of amassing $1 million by the time he retires. However, there always seemed to be a reason not to save money, so he put it off for many years. Finally, with just 15 years before his retirement, he began to save. Fortunately, Tommy’s executive-level job allowed him to save $30,000 per year. If these savings earn 10 percent per year, will Tommy achieve his $1-million goal at the desired time?
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