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at least $1 million for your retirement. You feel that you can contribute $2,400/year into a fund that will earn 12%/year effective. If you start contributing on your 25th birthday, on what birthday will

at least $1 million for your retirement. You feel that you can contribute $2,400/year into a fund that will earn 12%/year effective. If you start contributing on your 25th birthday, on what birthday will

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You wish to build an independent fund of at least $1 million for your retirement. You feel that you can contribute $2,400/year into a fund that will earn 12%/year effective. If you start contributing on your 25th birthday, on what birthday will you first have achieved your retirement goal?
Transcribed Image Text:You wish to build an independent fund of at least $1 million for your retirement. You feel that you can contribute $2,400/year into a fund that will earn 12%/year effective. If you start contributing on your 25th birthday, on what birthday will you first have achieved your retirement goal?
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