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Johnson is a 25 year old metal fabricator. He would like to have $2,000,000 in his retirement accounts by the time he is 67 years
Johnson is a 25 year old metal fabricator. He would like to have $2,000,000 in his retirement accounts by the time he is 67 years old. Johnson expects to earn 9% average rate on his investments. Currently he does not have anything saved for retirement. How much will he need to save each year to reach his goal? (Use a positive number and round to the nearest penny) Imagine you have a retirement saving horizon of 30 years and you want to have saved $1,000,000 by the time you retire. If you are planning to set aside $10,000 per year, you would need to find an investment vehicle that yielded what annual rate per year? 7.25% 7.32% 9.12% 8.04%
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