Assume that you win a ($ 150,000) cash sweepstakes today. You decide to deposit this cash in
Question:
Assume that you win a \(\$ 150,000\) cash sweepstakes today. You decide to deposit this cash in an account earning \(8 \%\) annual interest, and you plan to quit your job when the account equals \(\$ 555,000\). How many years will it be before you can quit working?
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Future value factor 555000 15000037000 Searching for 37 in the 8 column of Table B 2 shows you cannot quit working for 17 years if your deposit earns ...View the full answer
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