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Please show how to do it in detail. I cant figure out how to solve this question. Save HW Score: 93.75%, 15 of 16 pts

Please show how to do it in detail. I cant figure out how to solve this question. image text in transcribed
Save HW Score: 93.75%, 15 of 16 pts Homework: P3 (Time Value of Money: Lump Sums) Score: 0 of 1 pt 16 of 16 (15 complete) Advanced 3-1 (similar to) Future value of a portfolio. Rachel and Richard want to know when their current portfolio will be sufficient for them to retire. They have the following balances in their Question Help portfolio Money market account (MM): $33,000 Government bond mutual fund (GB): $125,000 Large capital mutual fund (LC): $103.000 Small capital mutual fund (SC): $71,000 Real estate trust fund (RE): $83,000 Rachel and Richard believe they need at least $1,200,000 to retire. The money market account grows at 1.5% annually, the government bond mutual fund grows at 4.5% annually, the large capital mutual fund grows at 8.5% annually, the small capital mutual fund grows at 12.0% annually, and the real estate trust fund grows at 3.0% annually With the assumption that no more funds will be deposited into any of these accounts, how long will it be until they reach the $1,200,000 goal? Rachel and Richard will need to invest their accounts for or more years to reach $1,200,000. (Round to the nearest whole number.)

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