You have just inherited $200,000 and wisely decided to invest your money in a diversified portfolio with your investment firm. Your financial advisor tells you that you can earn an average of 8% interest per year on your investment. You tell your advisor that you want to retire as soon as your account balance reaches $1,000,000. If you do not add or take money out of your account and interest does not fluctuate, how long, rounded to the nearest year, will it take before you have a $1,000,000 balance?

Answer rating: 100% (QA)

To calculate how long it will take for your account balance to re... View the full answer