I

You are 30 years old and you make $110,000 per year. You calculate that you cannot retire until you have accumulated a lump sum amount of $2,000,000 to live on after retirement. You contribute 6 percent of your salary to your 401(k) and your employer contributes 3 percent of your salary. You plan on investing 65 percent of your funds in equities on which you expect to earn an average rate of return of 10 percent, and the rest in bonds projected to earn 5 percent. If your salary does not grow, how old will you be when you can retire? Hint: Choose the closest option available. 64.74 years old O 66.23 years old 62.16 years old 63.92 years old 65 years old O 68.38 years old