You are 20 years old and plan to retire with $1,000,000. You have $20,000 available for investment now. You deposit this into an account that pays 9% interest compounded annually? How old will you be when the account has the target amount? (Answers are rounded.)

Answer rating: 100% (QA)

Formula FV PV1rn Where FV Future Value PV Present Value r Interest Rate n Number of Years Calcul... View the full answer