June wants to have $2 million to retire. She has $100,000 saved toward retirement today and does not plan to add to or withdraw from these savings until she hits her target.

 If she is receiving 10% compounded monthly on her savings, how many years until she can retire?
  If she wants to retire in 30 years, what is the minimum effective annual rate she will need for her investment?

Answer rating: 100% (QA)

To determine how many years it will take for Junes savings to reach 2 million at a 10 annual interes... View the full answer