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You plan to retire in 40 years, and you think that you need $1,000,000 at the retirement day to support your life afterwards. Suppose you
You plan to retire in 40 years, and you think that you need $1,000,000 at the retirement day to support your life afterwards. Suppose you can manage to deposit $6000 into your retirement account by the end of the year for the next 40 years. Find out the required annual return on your retirement account such that you can reach the $1,000,000 savings goal 40 years later. 6.29% O 4.25% 10.42% 8.33%
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