Question
1.A) Suppose at age 65 you have $2,500,000.00 in your retirement account. If you started investing into the account at 23 how much did you
1.A) Suppose at age 65 you have $2,500,000.00 in your retirement account. If you started investing into the account at 23 how much did you pay into the account each month? The account has an average return of 9%.
1.B) Suppose the day you were born your parents invested $3,000.00 into a retirement account. This account has an average of 10% per year. How much will you have at the age of 65?
1.C) Suppose the day you were born your parents invested $3,000.00 into a retirement account. This account has an average of 10% per year. How much will you have at the age of 65 if the account compounds monthly?
1.D) If you start investing $375.00 each month into an account that averages 12% per year. How many months will it take for the account to reach $1,000,000.00? Round to the nearest month.
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