Brian has received $500,000. He wants to buy himself a new car, and invest the rest to
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Question:
Brian has received $500,000. He wants to buy himself a new car, and invest the rest to retire off of one day without making additional contributions. Assume that Brian needs $1,200,000 in order to retire.
Brian is weighing his car options and is asking you, his CPA< how long he will have to wait to retire, depending on his car choice.
His three car choices are:
A. BMW sedan for $150,000
B. Jeep for $60,000
C. Toyota sedan for $12,000
Assume that Brian can earn 6% interest with his investment dollars.
Instructions:
Under each car option, how long will it take for Brian to retire?
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