3. Sarah wants to have $2,000,000 in net worth when he retires. To achieve this goal, she plans to invest $1,000 each year (starting one year from now) into an account of time that earns 10% interest rate compounded annually. The amount of time Sarah can retire as a multimillionaire is how many years? a. 31.94 (32 years) b. 55.64 (56 years) c. 25.56 (26 years) d. 20.36 (20 years)
3. Sarah wants to have $2,000,000 in net worth when he retires. To achieve this goal, she plans to invest $1,000 each year (starting one year from now) into an account of time that earns 10% interest rate compounded annually. The amount of time Sarah can retire as a multimillionaire is how many years? a. 31.94 (32 years) b. 55.64 (56 years) c. 25.56 (26 years) d. 20.36 (20 years)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![3. Sarah wants to have $2,000,000 in net worth when he
retires. To achieve this goal, she plans to invest $1,000
each year (starting one year from now) into an account
of time that earns 10% interest rate compounded
annually. The amount of time Sarah can retire as a
multimillionaire is how many years?
a. 31.94 (32 years)
b. 55.64 (56 years)
c. 25.56 (26 years)
d. 20.36 (20 years)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70318ee5-a5aa-406e-b967-5a84110b2f97%2Fdfe24d53-b92c-4454-8568-4c4dc6e291dd%2Ferk6ls_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Sarah wants to have $2,000,000 in net worth when he
retires. To achieve this goal, she plans to invest $1,000
each year (starting one year from now) into an account
of time that earns 10% interest rate compounded
annually. The amount of time Sarah can retire as a
multimillionaire is how many years?
a. 31.94 (32 years)
b. 55.64 (56 years)
c. 25.56 (26 years)
d. 20.36 (20 years)
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