You are now planning your own retirement. You feel that you can retire comfortably if you...

Transcribed Image Text:

You are now planning your own retirement. You feel that you can retire comfortably if you can amass $694,578. You also believe that you can manage to save $3,250 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.04% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places for instance 12.34776 years would be entered as 12.35. You are now planning your own retirement. You feel that you can retire comfortably if you can amass $694,578. You also believe that you can manage to save $3,250 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.04% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places for instance 12.34776 years would be entered as 12.35.

Answer rating: 100% (QA)

SOLUTION To calculate the number of years you need to work before you can retire we can use the futu... View the full answer