Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You desire to have a $1,000,000 saved at retirement. You currently have $12,000 in the account, but will deposit $6,000 annually into your retirement account
You desire to have a $1,000,000 saved at retirement. You currently have $12,000 in the account, but will deposit $6,000 annually into your retirement account that is expected to earn 12% interest. How many years will it take to reach your goal (Round to the nearest whole year Hint: Both PV & PMT should be negative) ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started