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Posted on Aug 01, 2024

You have $ 5 0 , 0 0 0 in savings for retirement in an investment earning a stated annual rate of 9 % compounded

You have $

50, 000

in savings for retirement in an investment earning a stated annual rate of

9 %

compounded semi

-

annually. You aspire to have $

1, 000, 000

in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal?

Please round your answer to the nearest hundredth.

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