Question: Cant figure out this hw question... please explain how you got answer thank you so much!! You would like to accumulate $1,000,000 for retirement. You

Cant figure out this hw question... please explain how you got answer thank you so much!! Cant figure out this hw question... please explain how you got answer

You would like to accumulate $1,000,000 for retirement. You have determined that you can afford to save $25,000 per year toward your retirement goal, and you will be able to earn a return of 8 percent per year on your investments. Required: Assuming that your annual $25,000 deposits are made at the end of each year, how long will it take for you to accumulate the $1,000,000 you desire? (Enter rounded answer as directed, but do not use rounded numbers in Intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Period years

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