As a 22-year-old finance graduate, you realize that you can quickly estimate your retirement age by knowing

Question:

As a 22-year-old finance graduate, you realize that you can quickly estimate your retirement age by knowing how much you need to retire, how much you can contribute each month to your retirement account, and what rate of return you can earn on your retirement investments.

You estimate that you will need $3,000,000 to retire, can make $1,700 retirement contributions at the end of each month, and will earn a 7.4% nominal annual return. Use Excel to estimate the age at which you will be able to retire.

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