Today is your 21st birthday and you just decided to start saving money so you can retire early. Thus, you are going to save $500 a month starting one month from now. You plan to retire as soon as you can accumulate $1 million. If you can earn an average of 8 percent on your savings, how old will you be when you retire? 33.39 years old 42.87 years old 54.39 years old 64.71 years old 63.87 years old 0.08 1+ 1 12 $1,000,000 $500x = 0.08 12 Retirement age 21+ 33.39 54.39 years t 400.72 months 33.39 years