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Brandon has decided to retire once he has $1,000,000 in his retirement account. At the end of each year, he will contribute $5,000 to the
Brandon has decided to retire once he has $1,000,000 in his retirement account. At the end of each year, he will contribute $5,000 to the account, which is expected to provide an annual return of 7.0%. How many years will it take until he can retire? 32 years 38 years 37 years 42 years 40 years Suppose Brandon's friend, Jeff, has the same retirement plan, saving $5,000 at the end of each year and retiring once he hits $1,000,000. However, Jeff's account is expected to provide an annual return of 9.5%. How much sooner can Jeff retire? 5 years 8 years 7 years 6 years 4 years After 25 years, neither Brandon nor Jeff will have enough money to retire, but how much more will Jeff's account be worth at this time? $169,363 $139,984 $289,671 $162,869 $130,073 Brandon is jealous of Jeff because Jeff is scheduled to retire before him, so Brandon decides to make whatever end-of-year contribution is necessary to reach the $1,000,000 goal at the same time as Jeff. If Brandon continues to earn 7.0% annual interest, what annual contributions must he make in order to retire at the same time as Jeff? $13,241 $8,408 $13,361 $11,320 $8,789
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