When you retire, you wish to have $1 million in your retirement account. Currently, you have $100,000 in the account. If you can generate an annualized return of 12% from your investment, compounded monthly, how many years do you think it will take to have $1 million in the account? 11 years 231 years 19 years 53 years

When you retire, you wish to have $1 million in your retirement account. Currently, you have $100,000 in the account. If you can generate an annualized return of 12% from your investment, compounded monthly, how many years do you think it will take to have $1 million in the account? 11 years 231 years 19 years 53 years