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?

Answer rating: 100% (QA)

line MATLAB Code 1 Balance 5000 initialize Balance 2 year 0 initialize year counter 3 wh... View the full answer