Question
-Q1. Your retirement account has a current balance of $50,000. How many years would it take to accumulate a total of $1,250,000 by adding $7,000
-Q1. Your retirement account has a current balance of $50,000. How many years would it take to accumulate a total of $1,250,000 by adding $7,000 annually at a 12% annual rate of return?
(round to the nearest year)
-Q2. Your retirement account has a current balance of $10,000. What interest rate would need to be earned in order to accumulate a total of $1,300,000 in 28 years, by adding $20,000 annually?
(round to the nearest one decimal; ex: for 12.593% enter 12.6)
-Q3. Your retirement account has a current balance of $1,500. If you plan to retire in 35 years, how much would you need to save each year at an interest rate of 8% to accumulate 1,000,000 by the time you retire?
(round to the nearest dollar)
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