Question: You have $ 5 0 , 0 0 0 in savings for retirement in an investment earning 1 0 % annually. You aspire to have

You have $

50, 000

in savings for retirement in an investment earning

10 %

annually. You aspire to have $

1, 000, 000

in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal?

Please round your answer to the nearest hundredth.

Note that the HP

12

c financial calculator rounds up the periods result to the next integer and will not give the correct answer to the nearest hundredth. Therefore, you should use Excel or a financial calculator that does provide decimal precision to the number of periods.

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