Question: You have $ 5 0 , 0 0 0 in savings for retirement in an investment earning a stated annual rate of 1 2 %

You have $50,000 in savings for retirement in an investment earning a stated annual rate of 12% compounded monthly. 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?

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