Question: Suppose you save $ 1 2 , 8 0 0 every year in your retirement fund when you start to work, if your fund earns

Suppose you save $12,800 every year in your retirement fund when you start to work, if your fund earns a 4.95% annual rate interest, how many years do you need to save so you can retire with $1.9 million ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Boy, this is all so confusing," said Jason as he stared at the papers on his desk. " If only I had taken the advice of my finance instructor, I would not be in such a predicament today." Jason Welch,...

Q:

if i can please have the answers in the excel form where they go in the pictures, that be terrific and appreciated. BTW. . .A. Merge Center - $ - % 848 Conditional Format as Cell Formatting Table...

Q:

MNOP Part 2 Integrative Data Case 3 This case draws on material from Chapters 3-7. Adam has just graduated, and has a good job at a decent starting salary. He hopes to purchase his first new car. The...

Q:

L M N Adam has just graduated, and has a good job at a decent starting salary. He hopes to purchase his first new car. The car 6 that Adam is considering costs $47,000. The dealer has given him three...

Q:

You have landed your first full-time engineering job which you will start this year. Your company offers to "match" your retirement savings, up to 4%. This means if you put 2% of your salary from...

Q:

1 of 2 future. Ifhis cash earns interest at a 5.4% APR (based on monthly compounding) at the Part 2 Integrative Case bank, what would be his best purchase option for the car? 3. In fact, Adam doesn't...

Q:

Need Help Completing a work project for Estate Planning. I included the attached document the professor provided. List below are the questions that I need assistance with. (Note: I lost my hp 10bII+...

Q:

This case draws on material from Chapters 37. Adam has just graduated, and has a good job at a decent starting salary. He hopes to purchase his first new car, The car that Adam is considering costs...

Q:

Adam has just graduated, and has a good job at a decent starting salary. He hopes to purchase his first aew car. The car that Adam is considering costs $47,000. The dealer has given him three payment...

Q:

Accounting 356v7 Assignment 3 Prepare your answers in a single file. Question Marks Concept Covered 1 30 Not-for-Profit Accounting 2 15 Customer Profitability 3 15 Sales Variances 4 20 Project...

Q:

The Constitution of Kenya was formally promulgated into law on 27th August 2010. The new constitution introduced major changes in the country's governance framework. A key departure from the earlier...

Q:

What will print to the screen if the user enters a value of 23 when th following code is run... bmi= int(input("Enter your BMI to see if you are in a healthy range"))if bmi >= 25: print("Your BMI is...

Q:

Eli Jones won a lottery that will pay him $ 4 , 0 0 0 , 0 0 0 in lump sum after n years. Assuming an appropriate interest rate is i % compounded annually, which of the following is NOT likely to be...

Q:

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

Q:

2. What are the management, organization, and technology components of Schiphols baggage conveyors network? Conceptually, baggage handling is quite simple. Baggage input is connected to merely two...

Q:

4. Think of the data that the network uses. What kinds of management reports can be generatedfrom that data? Conceptually, baggage handling is quite simple. Baggage input is connected to merely two...

Q:

1-17 What are the strategic objectives that firms try to achieve by investing in information systems and technologies? For each strategic objective, give an example of how a firm could use...