Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? a. $752,952 b. $200,204 c. $40,000 d. $24,012
Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? a. $752,952 b. $200,204 c. $40,000 d. $24,012
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
Question
Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life?
a.
$752,952
b.
$200,204
c.
$40,000
d.
$24,012
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