You would like to accumulate $5,000,000 for retirement. You have determined that you can afford to...

 

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You would like to accumulate $5,000,000 for retirement. You have determined that you can afford to save $45,000 per year toward your retirement goal, and you will be able to earn a return of 15 percent per year on your investments. Required: Assuming that your annual $45,000 deposits are made at the end of each year, how long will it take for you to accumulate the $5,000,000 you desire? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Period years You would like to accumulate $5,000,000 for retirement. You have determined that you can afford to save $45,000 per year toward your retirement goal, and you will be able to earn a return of 15 percent per year on your investments. Required: Assuming that your annual $45,000 deposits are made at the end of each year, how long will it take for you to accumulate the $5,000,000 you desire? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Period years

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