Question
Chris wishes to retire from his job, but will only do so when his bank accounts reach $1 million dollars. Today Chris has $150,000 in
Chris wishes to retire from his job, but will only do so when his bank accounts reach $1 million dollars. Today Chris has $150,000 in his account and earns 7% interest. Chris will make no additional contributions to his bank account. In how many years will Chris retire?
| approx. 19 years | ||
| approx. 7 years | ||
| approx. 46 years | ||
| He will never retire. | ||
| approx. 28 years |
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Canadian Public Finance
Authors: Genevieve Tellier
1st Edition
1487594410, 978-1487594411
