Question: A perceptive engineer started saving for her retirement 15 years ago by diligently saving $18,000 each year through the present time. She invested in a

A perceptive engineer started saving for her retirement 15 years ago by diligently saving $18,000 each year through the present time. She invested in a stock fund that averaged a 12% rate of return over that period. If she makes the same annual investment and gets the same rate of return in the future, how long will it be from now (time zero) before she has $1,500,000 in her retirement fund?

Step by Step Solution

3.40 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Solution 1500000 18000 FA12... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

217-B-E-M (947).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!