You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.
You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.
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
Related questions
Question
Vijay

Transcribed Image Text:You are now planning your own retirement. You feel that you can retire
comfortably if you can amass $1,663,045. You also believe that you can manage to
save $8,644 per year after you start your first job after you graduate from Tarleton
State University. You will be starting with an investment account with $0 in it. If
you think you can earn 12.83% per year in your retirement/investment account,
how long will you have to work before you can retire? Please enter you response
with two significant decimal places - for instance 12.34776 years would be entered
as 12.35.
AI-Generated Solution
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you

Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,



Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,



Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,

Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education