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Andre has decided to retire once he has $1,500,000 in his retirement account. At the end of each year, he will contribute $5,500 to the
Andre has decided to retire once he has $1,500,000 in his retirement account. At the end of each year, he will contribute $5,500 to the account, which is expected to provide an annual return of 7.6%. How many years will it take until he can retire? 39 years 37 years 42 years 38 years 40 years Suppose Andre's friend, Justin, has the same retirement plan, saving $5,500 at the end of each year and retiring once he hits $1,500,000. However, Justin's account is expected to provide an annual return of 9.6%. How much sooner can Justin retire? 5 years 2 years 6 years 4 years 7 years After 25 years, neither Andre nor Justin will have enough money to retire, but how much more will Justin's account be worth at this time? $109,283 $107,938 $130,073 $289,671 $139,984 Andre is jealous of Justin because Justin is scheduled to retire before him, so Andre decides to make whatever end-of-year contribution is necessary to reach the $1,500,000 goal at the same time as Justin. If Andre continues to earn 7.6% annual interest, what annual contributions must he make in order to retire at the same time as Justin
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